Alamitos Beach Renovated Multifamily
For Sale
Contact for pricing
1212 E 3rd St, Long Beach, CA 90802
Renovated multifamily asset on two parcels in Alamitos Beach.
Property Size19,248 SF
Price / SF$550.45
Days on Market193
Property Features for 1212 E 3rd St
General Information
Standard status
Active
Size
19,248 SF
Class
C
Property subtype
Multifamily
Zoning
LBR3S
Building Details
Year Built
1954
Listing Agency:
Marcus & Millichap - South Bay
Listed By:
Steve "Bogie" Bogoyevac · License #CA 01332755
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 8 at 6:36AM
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 - South Bay
Investment Insights
Based on property information with market context.
This is a renovated multifamily asset situated on two parcels in Alamitos Beach. The property offers 19,248 square feet of space.
Key Highlights
- Stunningly renovated, this property is move‑in ready.
- Located in Alamitos Beach, enjoy coastal living at its finest.
- Situated on two parcels, offering ample space and potential.
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
$368,089
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
3.47%
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%
$7,361,780
$7.4M
Cap Rate 7%
$5,258,414
$5.3M
Cap Rate 9%
$4,089,878
$4.1M
Market Conditions
NOI Build-Up for 19,248 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
$704.5K $36.60/SF
− Vacancy
−$35.2K −$1.83/SF
EGI
$669.3K $34.77/SF
− OpEx
−$301.2K −$15.65/SF
NOI
$368.1K $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%
$7,361,780
Cap Rate 7%
$5,258,414
Cap Rate 9%
$4,089,878
Alternative Uses
Best Use
Apartment 5plus
$5.26M
$4.60M – $6.13M
NOI $368,089 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.31M
$9.02M – $12.02M
NOI $721,371 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,545
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Renovated multifamily asset on two parcels in Alamitos Beach.
Where is this multifamily property located?
The property is located at 1212 E 3rd St Long Beach, CA.
What is the asking price?
The asking price for this property is $10,595,000.
What are key features of this property?
This property features: Stunningly renovated, this property is move‑in ready.; Located in Alamitos Beach, enjoy coastal living at its finest.; Situated on two parcels, offering ample space and potential.
