Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    338 Cedar Avenue Long Beach, CA 90802

    Sponsored
    For Sale
    $4,325,000

    17-unit apartment building, fully renovated.

    Property size:
    10,152 SF

    Property Features for 338 Cedar Avenue

    General Information

    Property type
    Multifamily properties
    Square Feet
    10,152 SF
    Price / Square Foot
    $426
    Elevators
    N/A
    Lot Size
    10,153 SF

    Building Details

    Stories
    2
    Units
    17

    Overview

    Renovated 17-Unit Multifamily Investment

    This 17-unit apartment building is located in Downtown Long Beach. The property has been fully renovated and features modern kitchens, baths, and in-unit laundry. The building encompasses 10,152 square feet and is situated on a lot of approximately 0.23 acres. The unit mix includes two three-bedroom units, five two-bedroom units, and ten one-bedroom units. Each unit features recessed lighting, new flooring, updated kitchens with new countertops, cabinetry, and stainless steel appliances, and stylish bathrooms with new vanities, tiling, and fixtures. In-unit washers and dryers are included in every unit. The building offers secured access. The location is near retail and dining options, and is a two-minute walk from the Metro A Blue Line Pacific Station. The property is near the $520 million, 22-acre Civic Center redevelopment project. It is offered at a 10.98 GRM based on current rental income.

    We can help!

    Listing Contact
    Robert Stepp

    Learn more

    Property Insight Report

    HighLights

    • 17‑unit apartment building in prime Downtown Long Beach.
    • Fully renovated units feature modern kitchens, baths, and in‑unit laundry.
    • Excellent location near transit, retail, and the Civic Center redevelopment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Doughnut Plant Bakery Diamand Auto Transport Car Dealership Liam's Sliding Doors General Contractor Long Beach Emergency ... Plumbing Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Long Beach
    State
    California
    Longitude
    -118.194689
    Latitude
    33.771261

    Nearby Similar for Sale

    • New
      $2,300,000
      1,784 SF

      Turnkey Peninsula Income Property

      Renovated duplex near the bay shoreline in Long Beach.
      83 63Rd Pl, Long Beach, CA 90803
      View Details
    • $3,995,000
      19,195 SF

      Versatile Church Property in Long Beach

      1.7-acre property with sanctuary, gym, school/commercial kitchen, and ample parking.
      6698 Orange Ave, Long Beach, CA 90805
      View Details
    • $1,299,000
      2,420 SF

      Long Beach Triplex with ADUs

      Triplex with updated main house and two new ADUs.
      496 E 52Nd St, Long Beach, CA 90805
      View Details
    • $1,540,000
      2,378 SF

      California Heights Duplex Collection

      Two remodeled bungalows blending period architecture with modern design.
      3580 Gundry Ave, Long Beach, CA 90807
      View Details
    • $2,700,000
      9,200 SF

      Long Beach Commercial Investment Property

      Commercial property with retail spaces and potential for additional development.
      208 W Anaheim St, Long Beach, CA 90813
      View Details
    • $2,045,000
      4,600 SF

      Remodeled Long Beach Townhouse-Style Quadplex

      Fully remodeled 4-unit townhouse-style property in Long Beach, CA.
      1144 Stanley Ave, Long Beach, CA 90804
      View Details
    • $1,165,000
      1,556 SF

      Long Beach Duplex with ADU Potential

      Updated Long Beach duplex near amenities with ADU potential.
      4027 E 11Th St, Long Beach, CA 90804
      View Details
    • $1,250,000
      3,164 SF

      East Long Beach Commercial Property

      Commercial property in East Long Beach with high accessibility.
      3535 E 7Th St, Long Beach, CA 90804
      View Details
    • New
      $1,199,988
      2,554 SF

      Turnkey Long Beach Quadruplex

      Renovated 4-unit property in desirable Poly High area.
      1941 Olive Ave, Long Beach, CA 90806
      View Details
    • $1,475,000
      4,670 SF

      Long Beach Apartment Building

      Two-building complex with a bungalow and four large units.
      744 Walnut Ave, Long Beach, CA 90813
      View Details
    • $850,000
      1,360 SF

      Charming Duplex in North Long Beach

      Renovated duplex with bonus room and growth opportunity.
      1430 E Michelson St, Long Beach, CA 90805
      View Details
    • $2,099,000
      3,592 SF

      Belmont Heights Multifamily Opportunity

      Five-unit multifamily property near the ocean and 2nd Street.
      207 Mira Mar Ave, Long Beach, CA 90803
      View Details

    FAQs

    What type of property is this?
    Multifamily property - 17-unit apartment building, fully renovated.
    Where is this multifamily property located?
    The property is located at 338 Cedar Avenue Long Beach, CA.
    What is the asking price?
    The asking price for this property is $4,325,000.
    What are key features of this property?
    This property features: 17-unit apartment building in prime Downtown Long Beach.; Fully renovated units feature modern kitchens, baths, and in-unit laundry.; Excellent location near transit, retail, and the Civic Center redevelopment.
    (310) 774-3740
    Request Owner's contact information
    338 Cedar Avenue Long Beach, CA 90802
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    338 Cedar Avenue
    Long Beach, CA 90802
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    338 Cedar Avenue Long Beach, CA 90802
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Robert Stepp
    (310) 774-3740
    Learn more
    Google sign-in failed. Please try again or use another login method.