5529 Dairy, Long Beach, CA 90805

Property Description

5529 Dairy Ave is a rare opportunity to own a turnkey 10-unit apartment building in North Long Beach that produces strong cash flow the day you close. Offered at $3,350,000, the property returns a 7% cap rate on current scheduled rents of $25,793 per month. The building was taken down to the framing in 2022 under permit and rebuilt with a new roof, new electrical and plumbing systems, new HVAC, new windows and an individual water heater for every unit. Interiors feature new cabinetry, flooring, recessed lighting, updated bathrooms and stainless steel appliances, with drought-tolerant landscaping outside. The unit mix is five 1 bed / 1 bath and five 2 bed / 1 bath, including three newly built ADUs. Gas and electricity are separately metered and paid by the tenants. Five of the ten units are master leased to a single organization, which means one rent check each month and reduced property management expense. With every major system new, near-term capital needs are minimal. The property sits roughly five miles from Douglas Park and the Long Beach Airport aerospace corridor, where Anduril, Rocket Lab, Relativity and others are adding thousands of jobs, and offers quick access to the 710, 91 and 405 freeways. A coastal-city rental market without coastal-city pricing. Buyer to verify all information. Do not disturb tenants.