Two-Bedroom Apartment
For Sale
$2,195,000
46 E Plymouth St, Long Beach, CA 90805
Eight two-bedroom, one-bath units in a 1964-built apartment community with community laundry and garage parking.
Property Size6,808 SF
Lot Size0.17 Acres
Price / SF$322.41
Days on Market167
Property Features for 46 E Plymouth St
General Information
Standard status
Active
Size
6,808 SF
Total Parking Spaces
7
Lot size
0.17 Acres
Property subtype
Multifamily
Additional Details
Cap Rate
5.5%
Multifamily Units
8
Amenities
Attractive Unit Mix: 100% Two-Bedroom Units
Recent Capital Improvements: New Windows, Garage Doors, & Electrical Sub-Panels
Close to Desirable Bixby Knolls Area & Virginia Country Club
Ample On-Site Parking: Six (6) Enclosed Garages With Additional Driveway Parking
Convenient Location: Close To Schools, Retail, Freeways, Employment Centers, & Entertainment
Large On-Site Laundry Facility
Strong Returns: 6.08% CAP Rate & 6.49% Cash-On-Cash Return On Current Income
Strong Returns: 8.37% CAP Rate & 11.57% Cash-On-Cash Return At Market Rents / ADU Development Potential
Building Details
Building Size
6,808 SF
Year Built
1964
Units
8
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Orange County
Listed By:
Greg Bassirpou · License #License(s): CA: 01365951
(949) 419-3234
Source:
Marcusmillichap
Added: Apr 3
Changed: Sep 13
Last Checked: Sep 16 at 12:43PM
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 - Orange County
Investment Insights
Based on property information with market context.
The Plymouth Street Apartments is an eight-unit apartment community built in 1964. The property has a consistent unit mix of two-bedroom, one-bath units, totaling approximately 6,808 square feet. Recent capital improvements include new garage doors, new electrical sub-panels, and new vinyl windows.
On-site amenities include a spacious community laundry room, six single-car garages with front driveway parking, and one additional surface parking space.
The current configuration is designed around the established two-bedroom format, with parking access through the front driveway and garage spaces supporting day-to-day resident needs.
On-site amenities include a spacious community laundry room, six single-car garages with front driveway parking, and one additional surface parking space.
The current configuration is designed around the established two-bedroom format, with parking access through the front driveway and garage spaces supporting day-to-day resident needs.
Key Highlights
- 8‑unit apartment community in Long Beach with eight 2‑bedroom/1‑bath units
- Built in 1964; approx. 6,808 SF total on a 7,424 SF lot
- Recent capital improvements include new garage doors, new electrical sub‑panels, and new vinyl windows
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
$113,714
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
5.18%
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%
$2,274,280
$2.3M
Cap Rate 7%
$1,624,486
$1.6M
Cap Rate 9%
$1,263,489
$1.3M
Market Conditions
NOI Build-Up for 6,808 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
$216.5K $31.80/SF
− Vacancy
−$9.7K −$1.43/SF
EGI
$206.8K $30.37/SF
− OpEx
−$93.0K −$13.67/SF
NOI
$113.7K $16.70/SF
Area
ZIP 90805
Vacancy
4.50%
Lease Rate
$31.80 /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%
$2,274,280
Cap Rate 7%
$1,624,486
Cap Rate 9%
$1,263,489
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.90M
NOI $113,714 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,739 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
Explore this area
Business Placement
Demographics for 90805, CA
95,350
Population
28,954
Households
3.3
Avg Household Size
34
Median Age
18%
College-Educated
74%
High-School Grad
7.4 sq mi
ZIP Area
12,885
Density / Sq Mi
$68,615
Median Household Income
$34,948
Median Earnings
$1,664
Median Rent
$588,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight two-bedroom, one-bath units in a 1964-built apartment community with community laundry and garage parking.
Where is this apartment building located?
The property is located at 46 E Plymouth St Long Beach, CA.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: 8‑unit apartment community in Long Beach with eight 2‑bedroom/1‑bath units; Built in 1964; approx. 6,808 SF total on a 7,424 SF lot; Recent capital improvements include new garage doors, new electrical sub‑panels, and new vinyl windows
