12-Unit Apartment
New
For Sale
$2,125,000
1111 Pine Avenue, Long Beach, CA 90813
Renovated interiors, a gated courtyard, laundry, and garage parking support practical apartment operations.
Property Size6,142 SF
Days on Market6
Property Features for 1111 Pine Avenue
General Information
Standard status
Active
Size
6,142 SF
Net Rentable
6,142 SF
Total Parking Spaces
4
Property subtype
Apartment
Units
Unit Mix
7 x studio, 5 x 1BR/1BA
Multifamily Units
12
Amenities
gated central courtyard
on-site laundry facility
Building Details
Building Size
6,142 SF
Year Built
1922
Listing Agency:
Marcus & Millichap RE Invest
Listed By:
Tyler Leeson · License #01451551
(949) 419-3200
Source:
Velocityrealtysd
Added: Sep 11
Changed: Sep 15
Last Checked: Sep 15 at 10:47AM
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 Marcus & Millichap RE Invest
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$130,096
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
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Open Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,232
Businesses Nearby
Explore this area
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
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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 Avenue 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
