437 Bonito, Long Beach, CA 90802

Property Description

Significant Price Improvement – Premier Coastal Investment Opportunity! 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 5.80% 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.