5-Unit Apartment Building with
For Sale
$1,700,000
1224 E 17th St, Long Beach, CA 90813
Multifamily property offering varied residential layouts with rear garage parking in a walkable Long Beach setting.
Property Size5,016 SF
Days on Market64
Property Features for 1224 E 17th St
General Information
Standard status
Active
Size
5,016 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
5
Building Details
Building Size
5,016 SF
Year Built
1925
Stories
2
Units
5
Listing Agency:
Riphagen & Bullerdick, Inc.
Listed By:
Sophea Pel · License #01491556
(562) 489-6670
Source:
Elliman
Added: Jul 5
Changed: Sep 2
Last Checked: Sep 5 at 9:40AM
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 Riphagen & Bullerdick, Inc.
Investment Insights
Based on property information with market context.
This 1925 apartment building contains five residential units arranged as four 2-bedroom, 1-bath apartments and one 3-bedroom, 2-bath apartment. The larger unit is positioned above six garages located at the rear of the property, creating a distinct residential and parking configuration.
The property is at 1224 E 17th St in Long Beach, California. Shopping, restaurants, schools, public transportation, and major freeways are identified in the surrounding area. Walk Score is 87, Bike Score is 59, and Transit Score is 50, providing measurable context for pedestrian, bicycle, and transit access.
The property is at 1224 E 17th St in Long Beach, California. Shopping, restaurants, schools, public transportation, and major freeways are identified in the surrounding area. Walk Score is 87, Bike Score is 59, and Transit Score is 50, providing measurable context for pedestrian, bicycle, and transit access.
Key Highlights
- Five‑unit apartment building constructed in 1925
- Unit mix includes four 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit
- Six garages positioned at the rear of the property
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
$106,246
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
6.25%
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%
$2,124,920
$2.1M
Cap Rate 7%
$1,517,800
$1.5M
Cap Rate 9%
$1,180,511
$1.2M
Market Conditions
NOI Build-Up for 5,016 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
$201.6K $40.20/SF
− Vacancy
−$8.5K −$1.69/SF
EGI
$193.2K $38.51/SF
− OpEx
−$86.9K −$17.33/SF
NOI
$106.2K $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%
$2,124,920
Cap Rate 7%
$1,517,800
Cap Rate 9%
$1,180,511
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.77M
NOI $106,246 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.65M
$1.44M – $1.92M
NOI $115,292 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,025
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
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 - Multifamily property offering varied residential layouts with rear garage parking in a walkable Long Beach setting.
Where is this apartment building located?
The property is located at 1224 E 17th St Long Beach, CA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Five‑unit apartment building constructed in 1925; Unit mix includes four 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit; Six garages positioned at the rear of the property
