
Long Beach, California 90802
This Strong Value Opportunity is a Residential Income Duplex listed at $799,000—positioned well below the $867,527 Fair Market Value by 7%. This valuation gap offers $68,527 in Instant Equity. Featuring a Condition Rating of 3, the property includes remodeled kitchens and bathrooms and updated electrical. With a 7.45% cap rate and rare four-bedroom, two-bathroom units, this asset provides immediate cash flow. It is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a high-yield, turnkey multifamily property.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 643 Elm Avenue Subject | $799,000* List Price | 0 | 0 | 2,304 | $377 | - |
A 1116 E Appleton Active | $800,000 List Price | 0 | 0 | 1,794 | $446 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Although built in 1917, the property has undergone recent capital improvements including remodeled kitchens and bathrooms with new tile, updated electrical and lighting, and new laminate flooring throughout, making it well-maintained and move-in ready.
The property delivers a 7.45% current cap rate, significantly outperforming the 5-6% market average for the 90802 zip code, with a projected increase to 8.17% by late 2026.
Each unit features a rare four-bedroom, two-bathroom configuration, providing a scale and rental capacity seldom found in standard duplexes within the East Village market.
Over $24,800 has been invested in high-impact upgrades, including remodeled kitchens and bathrooms, new flooring, and updated electrical systems, ensuring immediate turnkey functionality.
With the building footprint occupying nearly the entire 2,351 sqft lot, there is very little usable yard or private outdoor space for tenants.
Built in 1917, the property's age may present long-term maintenance challenges typical of vintage buildings, despite recent interior cosmetic and electrical updates.
A rare chance to own an exceptionally spacious duplex in one of Southern California's most dynamic and evolving markets. This large property features eight total bedrooms and four bathrooms across two expansive units, each offering four bedrooms and two bathrooms, a layout rarely seen in multifamily properties. Both units showcase updated interiors with newer laminate flooring, tile kitchens, and remodeled bathrooms, blending modern comfort with low-maintenance living. At $799,000, this duplex is currently producing a 7.45% cap rate on actual rent roll and operating expenses. With an 8.7% rent increase effective December 2026, the cap rate rises to 8.17%, well above the 5% to 6% range typical for small multifamily properties in the 90802 area. Add over $24,800 in completed capital improvements, including full bathroom and kitchen tile remodels, new flooring throughout, updated electrical and lighting, and fresh paint in both units, and this is a property offering both immediate cash flow and built-in upside. The property also includes a detached garage and a long driveway that provides abundant off-street parking. Gas and electric are separately metered for efficiency, and both units are tenant-occupied on month-to-month terms, giving maximum flexibility moving forward. Ideally located near dining, shopping, the beach, and freeway access, this property combines a prime Long Beach location with unmatched scale. Whether you are looking to expand your portfolio or take advantage of value-add opportunities, this duplex checks all the boxes.
No exterior & parking available.
Grades K-5 • 0.2 mi
Grades K-5 • 0.3 mi
Grades K-5 • 0.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.9 |
| Baths | 0.0 | 4.4 |
| Square foot | 2,304 | 2,300.724 |
| Lot Size | 2,351 | 5,277.379 |
| Price | $799.0K | $1.24M |
| Price per sq ft | $347 | $513 |
| Built year | 1917 | 1949 |
| HOA | $0 | $0 |
| Days on market | 23 | 74 |
Aug 17, 2026
$799,000
Initial Listing
Apr 2, 2004
$505,000
Public Record
Apr 15, 1999
$220,000
Public Record
Feb 12, 1999
$120,000
Public Record