437 Bonito Long Beach, CA 90802
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Alamitos Beach (Ab)
MLS Listing ID PW26097344
HOA Y/N No
Year Built 1962
Lot Size 7,339 Sqft
Property Sub-Type Apartment
Property Description
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 5.71% 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 further enhance income and long-term returns.
This is a rare opportunity to acquire a stabilized, pride-of-ownership asset at a newly reduced basis in one of Long Beach's most sought-after rental markets.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Heating Wall Furnace
Cooling None
Fireplaces Type None
Fireplace No
Laundry Laundry Room
Exterior
Parking Features Assigned
Garage Spaces 6.0
Garage Description 6.0
Pool None
Community Features Sidewalks
Total Parking Spaces 9
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7266008024
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Nearby Locations
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