10-Unit Apartment Building with
For Sale
$2,400,000
Pending
1005 E Harding Street, Long Beach, CA 90805
All-electric multifamily property with renovated interiors, on-site laundry, and a varied bedroom mix.
Property Size7,876 SF
Days on Market78
Property Features for 1005 E Harding Street
General Information
Standard status
Pending
Size
7,876 SF
Total Parking Spaces
4
Property subtype
Apartment
Site & Location
Neighborhood
Houghton Park
Units
Unit Mix
3 x 1BR/1BA, 6 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
10
Additional Details
Cap Rate
6.14%
Amenities
on-site laundry
Building Details
Building Size
7,876 SF
Year Built
1947
Listing Agency:
Erik Michael Ransdell, Broker
Listed By:
Erik Ransdell · License #02077589
(714) 392-6380
Source:
Velocityrealtysd
Added: Aug 17
Changed: Oct 31
Last Checked: Nov 1 at 1:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Erik Michael Ransdell, Broker
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Investment Insights
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This 10-unit apartment property, built in 1947, offers a mix of three one-bedroom/one-bath units, six two-bedroom/one-bath units, and one three-bedroom/one-bath unit with a fireplace. Four garages and on-site laundry provide additional property features. The community is fully electric, with no gas service.
Capital improvements include updated kitchens and bathrooms, plumbing work, laminate flooring in select units, and a complete electrical-system replacement. Balcony inspections required under SB 721 have been completed and approved by the City of Long Beach. The property is located at 1005 E Harding Street in Long Beach, California, and reports a 6.14% cap rate on current income with a 7.03% pro forma cap rate based on maximum allowable rent increases under AB 1482.
Capital improvements include updated kitchens and bathrooms, plumbing work, laminate flooring in select units, and a complete electrical-system replacement. Balcony inspections required under SB 721 have been completed and approved by the City of Long Beach. The property is located at 1005 E Harding Street in Long Beach, California, and reports a 6.14% cap rate on current income with a 7.03% pro forma cap rate based on maximum allowable rent increases under AB 1482.
Key Highlights
- 10‑unit apartment property with three 1‑bedroom, six 2‑bedroom, and one 3‑bedroom unit
- Four garages plus on‑site laundry
- Complete electrical‑system replacement; property is fully all‑electric with no gas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$131,552
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,631,040
$2.6M
Cap Rate 7%
$1,879,314
$1.9M
Cap Rate 9%
$1,461,689
$1.5M
Market Conditions
NOI Build-Up for 7,876 SF
Gross rent
$250.5K $31.80/SF
− Vacancy
−$11.3K −$1.43/SF
EGI
$239.2K $30.37/SF
− OpEx
−$107.6K −$13.67/SF
NOI
$131.6K $16.70/SF
Area
ZIP 90805
Vacancy
4.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,631,040
Cap Rate 7%
$1,879,314
Cap Rate 9%
$1,461,689
Alternative Uses
Best Use
Apartment 5plus
$1.88M
$1.64M – $2.19M
NOI $131,552 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,131 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,230
Businesses Nearby
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Business Placement
Demographics for 90805, CA
95,350
Population
28,954
Households
3.3
Avg Household Size
34
Median Age
18%
College-Educated
74%
High-School Grad
7.4 sq mi
ZIP Area
12,885
Density / Sq Mi
$68,615
Median Household Income
$34,948
Median Earnings
$1,664
Median Rent
$588,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - All-electric multifamily property with renovated interiors, on-site laundry, and a varied bedroom mix.
Where is this apartment building located?
The property is located at 1005 E Harding Street Long Beach, CA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 10‑unit apartment property with three 1‑bedroom, six 2‑bedroom, and one 3‑bedroom unit; Four garages plus on‑site laundry; Complete electrical‑system replacement; property is fully all‑electric with no gas
