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    1624 W Summit St Long Beach, CA 90810

    View on Map
    Sponsored
    For Sale
    $959,000

    MULTI_FAMILY - Long Beach, CA

    Property size:
    2,164 SF
    Lot size:
    0.15 Acres
    Days on Market:
    6
    Last Refresh:
    Mar 23 at 3:06 pm

    Property Features for 1624 W Summit St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    LBR2N
    Rooms
    Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 5, Bedroom 1, Bedroom 4, Bathroom 1
    Bedrooms
    5
    Bathrooms
    3
    APN
    7431-027-013
    Parking
    3
    Parking features
    Assigned
    Size
    2,164 SF
    Lot size
    0.15 Acres

    Building Details

    Year built
    1954
    Floors in Building
    1
    Number of units
    3

    We can help!

    Listing Contact
    Jonathan Swire

    The Agency

    Listing agent Jonathan Swire License #01336277

    Listing date Mar 18, 2026

    MLS# 26665817

    Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Long Beach Multifamily Triplex

    This multifamily property features three units in Long Beach. The units are subject to AB 1482 rent control, allowing for a maximum annual increase of 5% plus CPI, currently at 8.0%. Situated on a quiet, tree-lined street, the property offers an excellent opportunity for owner-users to live in one unit while offsetting their mortgage with rental income from the others. All three units are currently rented for a total of $6,100 per month, with an additional $350 per month generated from laundry and storage. The property includes a three-car garage in the back, which could potentially be converted into Additional Dwelling Units (ADUs), subject to buyer verification. Adding additional units could further increase rental income. Onsite laundry facilities are available, and a storage space is currently rented for $200 per month. The property has been updated with a completely replaced and upgraded electrical service, including main and sub panels with 200 amp service, fully permitted in 2025. A new common laundry room was installed in 2023, generating $50 per month per unit, totaling $150 per month. The lot size is 0.1497 acres, and the property size is 2164 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Long Beach
    County
    Los Angeles
    State
    California
    Longitude
    -118.214409
    Latitude
    33.792316

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    FAQs

    What type of property is this?
    Triplex - Three-unit property in Long Beach with income potential.
    Where is this triplex located?
    The property is located at 1624 W Summit St Long Beach, CA.
    What is the asking price?
    The asking price for this property is $959,000.
    What are key features of this property?
    This property features: - Three units NOT subject to local rent control, offering greater income potential.; - Excellent owner-user opportunity to live in one unit and offset mortgage with rental income.; - Current rental income of $6,100/month plus $350/month from laundry and storage.
    (424) 230-3700
    Request Owner's contact information
    1624 W Summit St Long Beach, CA 90810
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    Long Beach, CA 90810
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1624 W Summit St Long Beach, CA 90810
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    We can help!
    Listing Contact
    Jonathan Swire
    Real Estate License ID: 01336277
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