404 E Freeland Street

Investment Overview

Fully leased Bixby Knolls fourplex with two paths to upside — 404 E Freeland St is a 1945-vintage 4-unit building of ±3,256 SF on a ±9,498 SF LBR3S lot, an all 2 Bed / 1 Bath mix with (4) garages plus (7) surface spaces. The building is 100% occupied with income in place from day one; a light cap-x refresh of the 2019 interiors carries rents to pro forma, and the garage footprint supports up to four detached ADUs.

The Asset: All four units were renovated at acquisition in 2019 — mini-split heating and cooling, upgraded appliances. Those finishes are now seven years old: a light cap-x program (cosmetic kitchen and bath refresh, flooring and fixtures on turnover) positions each unit for pro forma rent. Electric and gas are separately metered; the site carries eleven parking spaces — (4) garages and (7) surface — and an on-site laundry room (WASH-serviced). Ownership has since redone the landscaping and completed sewer line work; the 40-year composition shingle roof (per the 2019 listing) has had no leaks.

ADU Opportunity: The ±9,498 SF LBR3S lot carries significant ADU upside — the four detached garages at the rear of the site present the opportunity to add up to four detached ADUs on the garage footprint while still retaining on-site surface parking, a path to doubling the unit count (Buyer to verify with the City of Long Beach).