12-Unit Apartment
For Sale
$2,125,000
1111 Pine Ave, Long Beach, CA 90813
Renovated interiors, a gated courtyard, laundry, and garage parking support practical apartment operations.
Property Size6,142 SF
Days on Market49
Property Features for 1111 Pine Ave
General Information
Standard status
Active
Size
6,142 SF
Net Rentable
6,142 SF
Total Parking Spaces
4
Property subtype
Multifamily
Site & Location
Neighborhood
Saint Marys
Units
Unit Mix
7 x studio, 5 x 1BR/1BA
Multifamily Units
12
Amenities
gated central courtyard
on-site laundry facility
12-Unit Long Beach Multifamily: 6,142 SF comprising 7 studios and 5 1-bed/1-bath units.
Immediate Lease-Up Potential: Four newly renovated, vacant units are ready to capture top-of-market rents on day one.
Major Systems Overhauled: Significant CapEx already completed, including new copper plumbing and updated electrical.
Premium Turnkey Interiors: Five units feature completely modernized kitchens and baths, upgraded flooring, and recessed lighting.
Strong Rental Upside: Below-market in-place rents provide a clear path to long-term income growth.
On-Site Amenities: Features a gated central courtyard, community laundry facility, and 4 garage parking spaces.
Building Details
Building Size
6,142 SF
Year Built
1922
Units
12
Listing Agency:
Orange County Office
Listed By:
Evan Gray · License #License(s): CA: 02195794
(949) 419-3227
Source:
Marcusmillichap
Added: Sep 14
Changed: Oct 25
Last Checked: Oct 30 at 10:29AM
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 Orange County Office
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Investment Insights
Based on property information with market context.
This 12-unit apartment property in Long Beach, California, was built in 1922 and contains approximately 6,142 square feet of net rentable area. The unit mix includes seven studios and five one-bedroom, one-bath residences. Property features include a gated central courtyard, on-site laundry, and four garage parking spaces.
Five apartments have received recent renovations with new kitchens and bathrooms, and four of those residences are vacant following completion of the work. Interior updates include cabinetry, countertops, flooring, and recessed lighting, with finishes varying by unit. Building-wide capital work includes copper plumbing and electrical upgrades. Current rents are below prevailing market levels, while the newly renovated vacant residences provide an immediate leasing component for a new owner.
Five apartments have received recent renovations with new kitchens and bathrooms, and four of those residences are vacant following completion of the work. Interior updates include cabinetry, countertops, flooring, and recessed lighting, with finishes varying by unit. Building-wide capital work includes copper plumbing and electrical upgrades. Current rents are below prevailing market levels, while the newly renovated vacant residences provide an immediate leasing component for a new owner.
Key Highlights
- 12 units with approximately 6,142 square feet of net rentable area
- Unit mix includes 7 studios and 5 1‑bed/1‑bath units
- 5 units recently renovated with new kitchens and bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$130,096
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,601,920
$2.6M
Cap Rate 7%
$1,858,514
$1.9M
Cap Rate 9%
$1,445,511
$1.4M
Market Conditions
NOI Build-Up for 6,142 SF
Gross rent
$246.9K $40.20/SF
− Vacancy
−$10.4K −$1.69/SF
EGI
$236.5K $38.51/SF
− OpEx
−$106.4K −$17.33/SF
NOI
$130.1K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,601,920
Cap Rate 7%
$1,858,514
Cap Rate 9%
$1,445,511
Alternative Uses
Best Use
Apartment 5plus
$1.86M
$1.63M – $2.17M
NOI $130,096 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.02M
$1.76M – $2.35M
NOI $141,173 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,232
Businesses Nearby
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Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
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 - Renovated interiors, a gated courtyard, laundry, and garage parking support practical apartment operations.
Where is this apartment building located?
The property is located at 1111 Pine Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,125,000.
What are key features of this property?
This property features: 12 units with approximately 6,142 square feet of net rentable area; Unit mix includes 7 studios and 5 1‑bed/1‑bath units; 5 units recently renovated with new kitchens and bathrooms
