679 Obispo, Long Beach, California 90814, Long Beach, 90814 - 0 bed, 0 bath
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Long Beach, California 90814
This historic four-unit property represents a Strong Value Opportunity, listed at a List Price of $1,350,000—positioned well below the $1,492,331 Fair Market Value by 9%. This valuation gap offers $142,331 in Instant Equity. With a Condition Rating of 3, the property features updated interiors and ADU development potential on a deep lot. Located near Retro Row, this is a stable Buy-and-Hold Asset ideal for Value-Add Investors or Owner-Occupants seeking a high-demand coastal rental property.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 679 Obispo Subject | $1,350,000* List Price | 0 | 0 | 3,176 | $470 | - |
A 346 Molino Sold | $1,625,000 | 0 | 0 | 3,577 | $454 | 0.5 mi |
B 678 Coronado Sold | $1,050,000 | 0 | 0 | 1,975 | $532 | 0.1 mi |
C 308 Coronado Active | $1,415,000 List Price | 5 | 4 | 3,621 | $391 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While the structure dates to 1930, the interior has undergone recent cosmetic renovations including new laminate flooring and fresh paint throughout. The units appear well-maintained and move-in ready; however, the presence of older wall heaters and the age of the building shell prevent an 'Excellent' rating.
Situated in the historic Rose Park South neighborhood, the property is just blocks from Retro Row and a mile from the beach, ensuring high tenant demand and long-term appreciation.
The deep lot features a detached garage and rear patio ideal for ADU development, offering a significant opportunity to increase density and maximize rental income.
With a 12.5X GRM on actual income and a projected 5.6% cap rate at market rents, the property provides a stable return with a clear 12% upside potential.
Dating back to 1930, the property may face higher long-term maintenance costs associated with aging plumbing, electrical, or structural components typical of historic buildings.
The 4,001 sqft lot is largely occupied by the existing structure and parking, which may create spatial constraints if pursuing the proposed ADU development.
Perfectly located Historic Rose Park South four unit property on the market for the first time in nearly 25 years. Excellent unit mix with two large 2 bed/1 bath units and two 1 bed/1 bath units full of historic charm and natural light, all with recently updated interiors. Deep lot with a detached 3 car garage plus 3 parking spaces, and a rear patio ideal for ADU development. Well priced on actual income at 12.5X GRM plus a 12% upside to 11.2X GRM and 5.6% cap rate at market rents. Separately metered for gas and electricity. Nestled between the Rose Park and Bluff Heights neighborhoods of Long Beach. 2 blocks away from 4th Street Retro Row including popular restaurants, shops and bars. Just over 1 mile away from the beach with pedestrian access to the scenic Shoreline Bike Path. Long Beach will host 18 events during the upcoming LA28 Olympics, including several taking place right on the beach.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.0 |
| Baths | 0.0 | 3.0 |
| Square foot | 3,176 | 2,100 |
| Lot Size | 4,001 | 5,077.5 |
| Price | $1.35M | $1.14M |
| Price per sq ft | $425 | $519 |
| Built year | 1930 | 1950 |
| HOA | $0 | $0 |
| Days on market | 44 | 68 |
Jun 8, 2026
$1,350,000
Initial Listing
Oct 8, 2002
$355,000
Public Record