Renovated Apartments in East
For Sale
$6,400,000
846 E 6th Street, Long Beach, CA 90802
24-unit apartment asset in East Village Arts District in Downtown Long Beach
Property Size11,348 SF
Lot Size0.26 Acres
Price / SF$563
Days on Market592
Property Features for 846 E 6th Street
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
11,348 SF
Elevators
N/A
Lot size
0.26 Acres
Building Details
Stories
2
Units
24
Listing Agency:
(310) 774-3740
Listed By:
Robert
(310) 774-3740
Added: Jan 16, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
Located in Long Beach's East Village Arts District, this 24-unit apartment building at 846 E. 6th Street, 90802, features a mix of eight two-bedroom, two-bathroom units; eight one-bedroom, one-bathroom units; and eight studio apartments. The building size is 11,347 square feet, situated on a 0.26-acre lot. All units have been completely renovated, including recessed lighting, new flooring, updated kitchens with stainless steel appliances and new cabinetry and countertops, and modern bathrooms with new vanities and fixtures. Each remodeled unit includes in-unit washers and dryers. Building improvements include entirely new electrical and plumbing systems. The property also features solar panels, contributing to significantly reduced utility expenses. The building is secured. With a Walk Score of 93 and a Bike Score of 91, the location provides convenient access to dining, shopping, and entertainment options. The property offers a compelling 11.49 GRM based on current rental income.
Key Highlights
- Priced at 11.49 GRM on Current Rents
- All Units Fully Renovated w/ In‑Unit Washer/Dryers
- Excellent Mix of Studio, 1BD and 2BD Units
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
$243,979
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
3.81%
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%
$4,879,580
$4.9M
Cap Rate 7%
$3,485,414
$3.5M
Cap Rate 9%
$2,710,878
$2.7M
Market Conditions
NOI Build-Up for 11,348 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
$367.7K $32.40/SF
− Vacancy
−$19.1K −$1.68/SF
EGI
$348.5K $30.72/SF
− OpEx
−$104.6K −$9.21/SF
NOI
$244.0K $21.50/SF
Area
Long Beach, CA
Vacancy
5.20%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
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%
$4,879,580
Cap Rate 7%
$3,485,414
Cap Rate 9%
$2,710,878
Alternative Uses
Best Use
Multifamily LT 5
$3.49M
$3.05M – $4.07M
NOI $243,979 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$3.10M
$2.71M – $3.62M
NOI $217,004 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$6.08M
$5.32M – $7.09M
NOI $425,279 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 90802, CA
41,686
Population
25,055
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
88%
High-School Grad
6.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$72,152
Median Household Income
$52,011
Median Earnings
$1,855
Median Rent
$546,700
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?
Multifamily property - 24-unit apartment asset in East Village Arts District in Downtown Long Beach
Where is this multifamily property located?
The property is located at 846 E 6th Street Long Beach, CA.
What is the asking price?
The asking price for this property is $6,400,000.
What are key features of this property?
This property features: Priced at 11.49 GRM on Current Rents; All Units Fully Renovated w/ In‑Unit Washer/Dryers; Excellent Mix of Studio, 1BD and 2BD Units
