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Listed by Spencer Pabst, DRE #01849377 • Pabst, Kinney & Associates
$ 2,450,000
Est. payment /mo
Price Dropped by $45K
437 Bonito Long Beach, CA 90802
7,340 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26097344
Year Built 1962
Lot Size 7,340 Sqft
Source California Regional MLS
Property Description
Significant Price Improvement - Premier Coastal Investment Opportunity! Pabst, Kinney & Associates is pleased to present a well-maintained 10-unit apartment community located in the highly desirable Alamitos Beach neighborhood of Long Beach. The property features an attractive unit mix of (8) one-bedroom/one-bath units and (2) two-bedroom/one-bath units, complemented by 6 single-car garages and 3 carport spaces-an increasingly rare amenity in this premier coastal submarket. Offered for sale for the first time in over 36 years, the asset has recently benefited from strategic rental increases effective July 1, 2026, bringing total current gross income to $18,089 per month (inclusive of garage income). At the newly adjusted pricing, the property operates at an attractive 5.80% cap rate on current income, with a projected 7.30% market cap rate, offering clear and measurable upside through continued rental growth. Ideally situated just blocks from the beach, as well as a vibrant mix of dining, retail, and entertainment options, the property offers a highly walkable location with consistently strong tenant demand. Additionally, the existing garage structures may present a potential opportunity for ADU conversion (buyer to verify), providing a compelling value-add component to
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Heating Wall Furnace
Cooling None
Laundry In Laundry Room
Exterior
Parking Features Assigned Spaces
Garage Spaces 9.0
Pool None
Building
Water District - Public
Others
Tax ID 7266008024
Special Listing Condition Not Applicable
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