Nine-Unit Apartment
For Sale
$2,289,000
1135 Raymond Avenue, Long Beach, CA 90804
1987-built nine-unit multifamily property with onsite laundry and parking for every unit.
Property Size7,128 SF
Price / SF$321.13
Days on Market190
Property Features for 1135 Raymond Avenue
General Information
Standard status
Active
Size
7,128 SF
Property subtype
Multi-family
Building Details
Year Built
1987
Listing Agency:
The Agency
Listed By:
Jonathan Swire
(714) 497-3550
Source:
Sevengables
Added: Feb 27
Changed: Sep 4
Last Checked: Sep 4 at 10:49AM
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 The Agency
Investment Insights
Based on property information with market context.
This nine-unit apartment building was constructed in 1987 and is described as not subject to rent control, with only AB 1482 rent control applying. The property is professionally managed and well maintained, and includes onsite laundry plus parking for every unit. Unit mix is stated as one- and two-bedroom apartments, with rents approximately 10% below market per the seller.
The offering is located on the east side of Long Beach at 1135 Raymond Avenue. The public remarks note copper plumbing and modern electrical as part of the building’s features.
Prospective buyers can refer to the seller’s stated financing information for qualified buyers, including an interest-only fixed-rate loan for five years. The remarks also reference ongoing and planned redevelopment tied to the Long Beach Airport area, including a project expected to be completed in mid-2027 and a separate city-approved airport revamp.
The offering is located on the east side of Long Beach at 1135 Raymond Avenue. The public remarks note copper plumbing and modern electrical as part of the building’s features.
Prospective buyers can refer to the seller’s stated financing information for qualified buyers, including an interest-only fixed-rate loan for five years. The remarks also reference ongoing and planned redevelopment tied to the Long Beach Airport area, including a project expected to be completed in mid-2027 and a separate city-approved airport revamp.
Key Highlights
- Nine‑unit multifamily property built in 1987 with onsite laundry and parking for every unit
- Unit mix includes 1- and 2‑bedroom apartments
- Not subject to rent control; only subject to AB 1482 rent control with maximum annual increases of 5% + CPI (currently 8.7% total)
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
$136,312
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
5.96%
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%
$2,726,240
$2.7M
Cap Rate 7%
$1,947,314
$1.9M
Cap Rate 9%
$1,514,578
$1.5M
Market Conditions
NOI Build-Up for 7,128 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
$260.9K $36.60/SF
− Vacancy
−$13.0K −$1.83/SF
EGI
$247.8K $34.77/SF
− OpEx
−$111.5K −$15.65/SF
NOI
$136.3K $19.12/SF
Area
Long Beach, CA
Vacancy
5.00%
Lease Rate
$36.60 /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%
$2,726,240
Cap Rate 7%
$1,947,314
Cap Rate 9%
$1,514,578
Alternative Uses
Best Use
Apartment 5plus
$1.95M
$1.70M – $2.27M
NOI $136,312 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.82M
$3.34M – $4.45M
NOI $267,141 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 90804, CA
39,370
Population
15,998
Households
2.5
Avg Household Size
33
Median Age
30%
College-Educated
75%
High-School Grad
2.2 sq mi
ZIP Area
17,895
Density / Sq Mi
$68,940
Median Household Income
$38,914
Median Earnings
$1,801
Median Rent
$673,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 1987-built nine-unit multifamily property with onsite laundry and parking for every unit.
Where is this apartment building located?
The property is located at 1135 Raymond Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $2,289,000.
What are key features of this property?
This property features: Nine‑unit multifamily property built in 1987 with onsite laundry and parking for every unit; Unit mix includes 1- and 2‑bedroom apartments; Not subject to rent control; only subject to AB 1482 rent control with maximum annual increases of 5% + CPI (currently 8.7% total)
