16 38th Pl is a 7-unit multifamily investment located in a coastal Long Beach rental pocket, delivered 100% vacant and offering immediate lease-up upside with a clear path to stabilized NOI growth. Built in 1962, the 5,473-square-foot building sits on a 5,259-square-foot lot and features a highly functional unit mix of (4) 1-bedroom / 1-bath units and (3) 2-bedroom / 1-bath units, supporting broad tenant appeal and efficient operations.The property is subject to rent control; however, full vacant delivery allows a new owner to establish a clean, market-based rent roll from day one, eliminating turnover delays and execution friction. Additional income upside is supported by 10 on-site parking spaces and laundry income, enhancing effective gross income and long-term cash flow durability.Offered at $3,900,000 ($557,143 per unit / $712.59 per square foot), the asset underwrites to a 5.55% cap rate and 12.75 GRM at stabilization, presenting a compelling opportunity to acquire a well-located Long Beach multifamily asset with immediate control, strong income fundamentals, and durable resale appeal.