1809 E Appleton, Long Beach, CA 90802

Property Description

1809 E. Appleton Street, known as The Lumina, is an 11-unit multifamily property located in the highly desirable Alamitos Beach neighborhood of Long Beach. Situated within one of the city's most established coastal rental markets, the property benefits from proximity to the Pacific Ocean, a highly walkable urban setting, and an extensive concentration of dining, retail, and entertainment amenities that continue to attract a broad base of renters. Built in 1961, the property features a desirable unit mix of ten (10) spacious 1BD/1BA residences averaging approximately 825 square feet and one (1) 2BD/2BA residence measuring approximately 998 square feet. The generous floor plans, abundant natural light, and functional layouts provide a competitive advantage over smaller vintage apartments commonly found throughout the surrounding coastal neighborhoods. The property has benefited from approximately $175,000 in recent capital improvements, including roof system restoration, extensive exterior refinishing and painting, front-facing window replacements, upgraded exterior lighting, landscaping enhancements, and general building repairs. Interior improvements to two units further complement the property's refreshed appearance. Collectively, these investments enhance the asset's marketability and reduce certain near-term capital expenditure requirements for a new owner. The Lumina offers additional income growth potential through its existing rental operations. Current one-bedroom rents average approximately $1,997 per month, compared with $2,350 per month for nearby rental comparables, indicating approximately 18% potential rental upside. Investors may benefit from gradual rent growth through natural turnover and strategic leasing, subject to applicable rent regulations. On-site laundry and six (6) garages provide supplemental income, while the garage configuration presents a potential longer-term ADU conversion opportunity, subject to feasibility and municipal approvals. Alamitos Beach remains a desirable Long Beach rental submarket, distinguished by its coastal location, pedestrian- oriented environment, and established residential character. With a 94 Walk Score and 89 Bike Score, the neighborhood offers convenient access to beaches, neighborhood retail, restaurants, and recreational amenities. Its combination of lifestyle appeal and limited opportunities for new multifamily development supports the property's long-term competitive positioning.