USACALong BeachDowntown (Dt)1019 Lewis Ave

$3,700,000

For Sale

9 days ago

1019 Lewis Ave, Long Beach, CA

Name: 1019 Lewis Ave, For Sale in Long Beach - eXp Realty
Brand: Keller Williams Realty Downey
SKU: PW26209030
Price: 3700000 USD

House

MLS® PW26209030

0 Bed

0 Bath

7 Parking

Key Facts
Description
Map

Key Facts

Type Mixed Use

Levels Residential Income

Size -

Garage

Taxes

Days Active 10

Lot Size 0.2335 Acres

Approx. Age 1961

MLS® Number PW26209030

Property Address: 1019 Lewis Ave, Long Beach, CA, 90813-3643

Average square foot calculated using Size range provided by listing agent.

Description

1019 Lewis Avenue presents the opportunity to acquire a substantially renovated 16-unit multifamily property offering strong in-place cash flow, a stable income profile and additional rental upside in a highly walkable north Downtown Long Beach location. Offered at $3, 900, 000, the property generates a 7.00% current cap rate, with upside to a 8.14% market cap rate as rents move toward market levels. Ownership has invested approximately $400, 000 in capital improvements, significantly reducing near-term capital expenditure requirements for a new investor. Fifteen of the property's 16 units have been fully renovated, while major building improvements include a new roof on one building, a newly sealed roof on the second building, a new 400-amp main electrical panel, upgraded subpanels and majority copper plumbing. The property features a highly desirable unit mix consisting of (14) 2BD/1BA units and (2) 1BD/1BA units. Current rents average $2, 168 per unit, compared with projected market rents of ~$2, 325, representing approximately 7% overall rental upside. Scheduled rental income has the potential to increase from $416, 268 to $446, 400 annually as rents are brought toward market levels. The property benefits from a stable income profile, with the majority of residents participating in HACLA or HACLB housing assistance programs. This provides an attractive combination of dependable rental income and continued organic upside as below-market rents are adjusted over time. Two newly constructed ADUs have already been incorporated into the property, increasing the asset's income-producing unit count while demonstrating the property's ability to accommodate additional density. Ownership has identified the potential for additional ADU development, providing a future investor with another avenue for long-term value creation beyond the existing rental upside. At the $3, 700, 000 offering price, 1019 Lewis generates $273, 402 in current NOI, equating to a 7.00% current cap rate and 8.59 GRM. At projected market rents, NOI increases to ~$301, 169, supporting a 8.14% market cap rate and 8.03 GRM. The combination of strong day- one yield and ~$27, 767 in additional NOI potential provides investors with meaningful current income without relying on an extensive renovation or repositioning program. Located just north of Downtown Long Beach, 1019 Lewis provides convenient access to the city's employment centers, shopping, dining, transit and ocean.

MLS® NumberPW26209030

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age1961

Basement

Driveway

Garage Spaces

Heat

A/C

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

Sep 28, 2026List Date

$3,700,000List Price

Commute

Commute

Starting Address

Destination Address

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