643 Elm Avenue
Property Description
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.Broker Details
Keller Willliams Pacific Estates (562) 513-7856
MLS ID: PMOLNBEA State License Number: 01355505
Key Property Information
| Listing Status: | Under Contract |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $799,000 |
| No. of Units: | 2 |
| Year Built: | 1917 |
| Opportunity Zone: | No |
| Price per unit: | $399,500 |
| Number of Bedrooms: | 8 |
| Number of Bathrooms: | 4 |
ID: 3yd-MRMLSCA-PW26180275
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