Long Beach, California Multifamily Mortgage

We focus on apartment building financing with short and long-term fixed rates from various sources as well as offering a flexible income documentation option for loans under 2 million. Our goal is to help you achieve your investment objectives in Long Beach, California.

We specialize in Multifamily Property loans of 5 units or more in all 50 states. Our expertise and financial partnerships will help you get the desired financing through a variety of apartment building financing programs.

Long Beach, CA Overview

The city of Long Beach is a Southern California coastal city and part of the Greater Los Angeles metropolitan area. It is the 7th largest city in California and 36th overall in the country. The California State Department of Finance says that Long Beach has 484,958 residents as of May 2016 from its latest reported data.

Why People Live in Long Beach

Rising rent prices in Long Beach have made finding an apartment very challenging for tenants, but more attractive to landlords. Approximately 60 percent of Long Beach residents are renters, and vacancy rates have stayed low consistently, mainly due to its localized work force. A lot of residents work for major companies based in Long Beach such as Boeing, Cal State University Long Beach, Denso, Epson America, Gulfstream Aerospace, Laserfiche, Long Beach Transit, the Queen Mary, SCAN Health Plan, TABC and Verizon (source: city of Long Beach).

Furthermore, residents are strategically based in between the major hubs of Los Angeles and Orange County for an easier commute using the 710, 405, or 605, 22 and 110 freeways to get to their desired location.

Why Long Beach is Attractive for Multifamily Investors

Factors that are investor friendly for Long Beach are that it has no rent control, CSU Long Beach, LBCC, multiple shopping centers, a VA medical center, beautiful parks, a developed downtown area, convention center, its own major airport and public transportation, and it is a beach city.

Local multifamily industry experts ranging from CB Richard Ellis, INCO Commercial, Marcus & Millichap each claim that rents should continue to increase through 2017 and the demand for rental units isn't likely to change.

While the economy has improved and Long Beach's unemployment rate has fell to 5.2 percent^[1] from 7.6 percent 2 years ago, wages still haven't increased enough to spark renters to become buyers.

Investors may love those facts. As of Q2 in 2017, th average rents for a 2-bedroom ranges from $2,050 to $2,400. The numbers will be skewed upwards because it is also factoring in luxury high-rises overlooking the ocean and rentals a few blocks from the beach with those $700 - $1000/month in North Long Beach. The majority of residents in the greater L.A. area know long Beach is a very affordable city.

Having said that, it is also a great city to buy investment property. When you're ready let us know and we'll work out the financing options on your apartment building, student housing, senior care building, or mobile home park.

 

 

[1] - Source: Long Beach Press Telegram from Business Section on 2-01-2017.