Investment Offering · Long Beach, California
1347 Atlantic Avenue
$1,039,900
Three units · 7,056 sq ft lot · Restored 1912 Craftsman · MLS OC26083839
Fully renovated, tenant occupied, and priced on what it produces.
Three separate income streams sit on a 7,056 square foot lot, which is unusual scale for this pocket of Long Beach. A fully restored 1912 Craftsman anchors the front, taken down to the studs, with three bedrooms, two baths, and roughly 1,700 square feet. Behind it, a separately remodeled one bedroom apartment with its own yard and gated two car driveway. Behind that, a non-conforming garage conversion with a kitchen, three quarter bath, and loft that is currently rented.
The renovation is the part that matters to an investor. New windows, a full electrical rewire with a new panel, new HVAC, and a new water heater. The heavy capital items on a 113 year old building have already been spent, which is why the maintenance reserve in this proforma sits below what a building of this vintage would normally carry.
The lot is the second thing worth a look. At 7,056 square feet it is materially larger than most comparable properties in this pocket, and parking is scarce here. A five car driveway serves the front home plus a separate two car driveway for the rear unit.
Photos and floor plans for each. Click any image to enlarge.
Restored 1912 Craftsman, taken down to the studs. New windows, full electrical rewire with a new panel, new HVAC, and a new water heater. Kitchen runs 15'6" by 18'0" with island seating, opening to a 15'6" by 13'8" dining area and a 17'3" by 16'11" living room. Primary bedroom is 13'3" by 19'11" with an en suite bath and walk-in closet. Separate utility room. Five car driveway.
Also taken to the studs and fully remodeled. A true one bedroom, not a studio: separate 8'3" by 11'1" bedroom, kitchen and dining running 8'7" wide, and a full bath with a tiled walk-in shower. Its own yard and its own private gated two car driveway, entirely separate from the front home.
A converted garage with a kitchen, three quarter bath, and a 7'6" by 12'8" loft above. Currently rented. It is not permitted, so an appraiser may assign it no value and a lender may exclude its income. The model below lets you switch this income off entirely. The seller has offered to convert it back to a garage at the seller's cost if a buyer would rather have a clean two unit property.
Materially larger than most comparable properties in this pocket. 416 Lime sold on 2,026 square feet, 932 Walnut is listed on 5,858. Parking is scarce in this neighborhood and this property carries a five car driveway for the front home plus a separate two car driveway for the rear. California's SB 1211 allows detached ADUs on multifamily lots, capped at the number of primary units. What could actually be built here is subject to Long Beach's local ordinance and has not been verified.
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Property taxes calculate automatically at 1.269098% of the purchase price plus $564 in fixed direct assessments, per the current LA County bill.
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Income figures are reported by the seller. Operating expenses are estimates. This model is not a loan quote, an appraisal, or investment advice. All information is deemed reliable but is not guaranteed. Buyer and buyer's agent to verify all information.
Two, three, and four unit sales within one mile since this property came to market on April 23, 2026.
| Property | Status | Price | Gross Income | GRM | Cap Rate |
|---|---|---|---|---|---|
| 416 Lime, 90802 | Closed 5/27/26 | $1,025,000 | $62,400 | 16.43x | 3.4% |
| 932 Walnut, 90813 | Active | $1,050,000 | $76,200 | 13.78x | 4.3% |
| 1347 Atlantic — permitted units only | Subject | $1,039,900 | $81,000 | 12.84x | 5.00% |
| 1347 Atlantic — all three units | Subject | $1,039,900 | $95,400 | 10.90x | 6.16% |
Across eleven closed sales in that set, the median price was $845,000, the median was $454 per square foot, and the median time on market was 43 days. Income and cap rate figures for 416 Lime and 932 Walnut are drawn from MLS. Source: CloudCMA report run August 20, 2026.
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