1495 Peterson Avenue is a turn-key 24-unit multifamily asset located in the established Poly High submarket of Long Beach, a centrally positioned rental corridor with strong and consistent tenant demand.
The property features a well-balanced unit mix of nineteen (19) 1BD/1BA units, two (2) 2BD/1BA units, and three (3) 3BD/1BA units. All units have been fully renovated including new kitchens, bathrooms, flooring, and windows. Significant capital improvements have been completed at the property, including a new roof (2019), updates to electrical and plumbing systems, and completed seismic retrofitting.
The asset benefits from separately metered and an in-place RUBS program, supporting expense recovery and improved operating efficiency. Additional income is generated through on-site laundry facilities and thirteen (13) garages. New ownership has the ability to triple current garage income immediately with no additional modifications or investment. The garages also present the opportunity for ADU conversion for increased rental income.
Located in the heart of Long Beach, the Poly High submarket offers convenient access to major employment and transportation nodes, including California State University Long Beach, Long Beach Airport, the Metro A Line, and the 405, 710, and 91 freeways. The area is characterized by a high renter-occupied population (approximately 85%) and has experienced approximately 25% rent growth since 2019, underscoring its durability as a workforce housing market.
Further supporting the area’s long-term outlook, Long Beach Polytechnic High School is currently undergoing a $405 million campus modernization, reflecting continued public investment and enhancing the submarket’s overall appeal.
