Long Beach Apartment Building
For Sale
$12,200,000
5120-5132 E Livingston Dr, Long Beach, CA 90803
26-unit apartment complex at 5120 Livingstone Drive in the highly sought-after Belmont Shore rental submarket of Long Beach.
Property Size16,874 SF
Lot Size0.37 Acres
Price / SF$723.01
Days on Market596
Property Features for 5120-5132 E Livingston Dr
General Information
Standard status
Active
Property type
Multifamily properties, Other investment properties, Residential income homes, Residential income properties, Investment properties
Size
16,874 SF
Class
C
Elevators
N/A
Lot size
0.37 Acres
Building Details
Year Built
1943
Stories
2
Units
26
Listed By:
Robert Stepp
(310) 774-3740
Added: Jan 16, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
Located in the desirable Belmont Shore neighborhood of Long Beach, this 26-unit apartment complex offers a prime investment opportunity. The property, situated on an oversized 0.37-acre lot, features 16,874 square feet of living space. Each of the 26 units is a one-bedroom, one-bathroom apartment that has been recently remodeled with modern kitchens and bathrooms. Residents can enjoy a spacious common courtyard equipped with BBQ and dining facilities. A significant feature of the property is the inclusion of 13 private garages, providing ample parking. Recent capital improvements include upgraded electrical panels and a completed seismic retrofit. The location provides convenient access to the beach, Naples Island, the shops and restaurants of 2nd Street, and Alamitos Bay. The property presents a turn-key investment opportunity in a sought-after area.
Key Highlights
- Attractive Assumable Financing – 2.97% Until at 60% LTV until 2030
- Prime Belmont Shore Location
- All Units Remodeled with Modern 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
$362,802
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
2.97%
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%
$7,256,040
$7.3M
Cap Rate 7%
$5,182,886
$5.2M
Cap Rate 9%
$4,031,133
$4.0M
Market Conditions
NOI Build-Up for 16,874 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
$546.7K $32.40/SF
− Vacancy
−$28.4K −$1.68/SF
EGI
$518.3K $30.72/SF
− OpEx
−$155.5K −$9.21/SF
NOI
$362.8K $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%
$7,256,040
Cap Rate 7%
$5,182,886
Cap Rate 9%
$4,031,133
Alternative Uses
Best Use
Multifamily LT 5
$5.18M
$4.54M – $6.05M
NOI $362,802 @ 7.0% cap · market cap 2.97%
Second Best
Apartment 5plus
$4.61M
$4.03M – $5.38M
NOI $322,690 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$9.03M
$7.90M – $10.54M
NOI $632,399 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,487
Businesses Nearby
Explore this area
Business Placement
Demographics for 90803, CA
32,192
Population
18,516
Households
1.7
Avg Household Size
46
Median Age
61%
College-Educated
95%
High-School Grad
4.1 sq mi
ZIP Area
7,852
Density / Sq Mi
$111,500
Median Household Income
$73,944
Median Earnings
$2,073
Median Rent
$1,138,300
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 - 26-unit apartment complex at 5120 Livingstone Drive in the highly sought-after Belmont Shore rental submarket of Long Beach.
Where is this multifamily property located?
The property is located at 5120-5132 E Livingston Dr Long Beach, CA.
What is the asking price?
The asking price for this property is $12,200,000.
What are key features of this property?
This property features: Attractive Assumable Financing – 2.97% Until at 60% LTV until 2030; Prime Belmont Shore Location; All Units Remodeled with Modern Kitchens and Bathrooms
