404 E Freeland Street

Fully leased Bixby Knolls fourplex with two paths to upside — 404 E Freeland St is a 1945-vintage 4-unit building of ±3,256 SF on a ±9,498 SF LBR3S lot, an all 2 Bed / 1 Bath mix with (4) garages plus (7) surface spaces.​ The building is 100% occupied with income in place from day one; a light cap-x refresh of the 2019 interiors carries rents to pro forma, and the garage footprint supports up to four detached ADUs.​

The Asset: All four units were renovated at acquisition in 2019 — mini-split heating and cooling, upgraded appliances.​ Those finishes are now seven years old: a light cap-x program (cosmetic kitchen and bath refresh, flooring and fixtures on turnover) positions each unit for pro forma rent.​ Electric and gas are separately metered, and water/sewer is billed back to the tenants through a RUBS program already in place; the site carries eleven parking spaces — (4) garages and (7) surface — and an on-site laundry room (WASH-serviced).​ Ownership has since redone the landscaping and completed sewer line work; the 40-year composition shingle roof (per the 2019 listing) has had no leaks.​

ADU Opportunity: The ±9,498 SF LBR3S lot carries significant ADU upside — the four detached garages at the rear of the site present the opportunity to add up to four detached ADUs on the garage footprint while still retaining on-site surface parking, a path to doubling the unit count (Buyer to verify with the City of Long Beach).​

Income: Rents, parking, pet rent, RUBS reimbursements and laundry total $10,643/month ($127,718/year) at 100% occupancy.​ Year 2 applies the 8.3% AB 1482 allowable increase to in-place rents.​ Pro forma resets rents to $2,850 per unit after the light cap-x refresh — 16% over in place — and fully monetizes the (4) garages at $150 and (7) surface spaces at $50: $151,370 scheduled gross, a 7.27% cap rate and 9.58 GRM on the listing price.​

Location: Just off the Atlantic Avenue corridor in Long Beach's 90807 — the Bixby Knolls / Los Cerritos submarket — with direct arterial access to Long Beach Blvd, the 405/710, and Metro A Line service to Downtown Los Angeles.​