About this home

1128 Temple Avenue is an eight-unit multifamily investment opportunity located in Long Beach, California. Built in 1987, the three-story property features 100% spacious two-bedroom/two-bathroom residences averaging approximately 956 square feet. Four of the eight units offer private balconies, while additional amenities include 13 secure parking spaces and individually metered gas and electricity, providing desirable resident conveniences and operational efficiencies. Offered at $2,500,000, the property presents a compelling value proposition with pricing metrics that compare favorably to recent sales. The projected 6.55% capitalization rate exceeds the comparable average of 5.95%, while the 9.80 gross rent multiplier is notably below the 12.02 comparable average. These metrics underscore the property's attractive relative valuation and competitive income potential. Currently operated as student housing with rental income generated on a per-bed basis, the property is being marketed as a conventional market-rate multifamily investment. The pro forma reflects a transition to traditional per-unit leasing, with conservatively projected monthly rents of $2,495 per unit, approximately 2% below the surveyed comparable average of $2,547. This measured underwriting approach provides investors with additional rental upside potential beyond projected income. Situated within Long Beach's established residential market, the property benefits from proximity to the city's diverse employment base, coastal amenities, and expanding aerospace and technology sectors. With a projected net operating income of $163,695, attractive acquisition metrics, and the opportunity to transition to conventional multifamily operations, 1128 Temple Avenue offers investors a compelling opportunity to acquire a well-located asset at a favorable basis relative to recent comparable transactions.

Facts and features

Schools

• Willard Elementary School

  elementary · K-5 · 0.2 mi

  3

• Jefferson Leadership Academies School

  middle · 6-8 · 0.7 mi

  7

• Wilson High School

  high · 9-12 · 1.0 mi

  6

• Oaktree Preschool And Kindergarten

  elementary · PK-K · 0.6 mi

• Lee Elementary School

  elementary · K-5 · 0.4 mi

  6

• Oak Tree Children's Center

  elementary · K · 0.6 mi

Price history

• Nov 3, 2026 · Listed$2,500,000
• Feb 12, 2019 · Sold$2,100,000
• Jan 6, 2015 · Listing Removed$1,425,000
• Dec 2, 2014 · Relisted$1,425,000
• Nov 25, 2014 · Sold$1,380,000
• Nov 12, 2014 · Listing Removed$1,425,000
• Oct 23, 2014 · Listed$1,425,000
• Apr 10, 1990 · Sold$665,000

Tax history

• 2025$31,600 tax · $2,389,436 assessed
• 2024$30,205 tax · $2,342,585 assessed
• 2023$29,695 tax · $2,251,621 assessed
• 2022$27,875 tax · $2,207,473 assessed
• 2021$27,302 tax · $2,164,190 assessed
• 2020$27,230 tax · $2,142,000 assessed
• 2019$19,492 tax · $1,486,795 assessed
• 2018$18,964 tax · $1,457,644 assessed

Home value

$2,969,490

• Quantarium$2,969,490
• Collateral Analytics$1,069,000

Where it is