Turnkey 6-Unit Apartment
For Sale
$1,599,000
1323 Walnut Ave, Long Beach, CA 90813
Six fully updated residential units include gated parking with eight dedicated spaces on-site.
Property Size3,888 SF
Days on Market101
Property Features for 1323 Walnut Ave
General Information
Standard status
Active
Size
3,888 SF
Total Parking Spaces
8
Property subtype
Investment
Additional Details
Cap Rate
5.6%
Highway Access
Yes
Multifamily Units
6
Building Details
Building Size
3,888 SF
Year Built
1922
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Buckingham Investments
Listed By:
Tyson Storr · License #02179872
(424) 212-2321
Source:
Elliman
Added: Jul 14
Changed: Oct 10
Last Checked: Oct 20 at 9:53PM
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 Buckingham Investments
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Investment Insights
Based on property information with market context.
This fully stabilized 6-unit multifamily asset is configured with four 1-bedroom units and two 2-bedroom units. The property has been completely updated within the past year, and the electrical system was rewired within the past year.
The building includes a gated rear parking lot with eight dedicated parking spots, supporting a 1:1 tenant-to-parking ratio. Access is enhanced by easy freeway access and proximity to public transit.
With all units updated and a dedicated parking setup, the property is positioned for a straightforward, stabilized operation.
The building includes a gated rear parking lot with eight dedicated parking spots, supporting a 1:1 tenant-to-parking ratio. Access is enhanced by easy freeway access and proximity to public transit.
With all units updated and a dedicated parking setup, the property is positioned for a straightforward, stabilized operation.
Key Highlights
- Fully stabilized 6‑unit multifamily built in 1922 with a unit mix of four 1‑bed and two 2‑bed homes
- All six units were completely updated within the past year and are operating at maximum market rents
- Electrical system was rewired within the past year, helping reduce future CapEx risk
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,353
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,647,060
$1.6M
Cap Rate 7%
$1,176,471
$1.2M
Cap Rate 9%
$915,033
$915.0K
Market Conditions
NOI Build-Up for 3,888 SF
Gross rent
$156.3K $40.20/SF
− Vacancy
−$6.6K −$1.69/SF
EGI
$149.7K $38.51/SF
− OpEx
−$67.4K −$17.33/SF
NOI
$82.4K $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 Rate 5%
$1,647,060
Cap Rate 7%
$1,176,471
Cap Rate 9%
$915,033
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,353 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,365 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,054
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Six fully updated residential units include gated parking with eight dedicated spaces on-site.
Where is this apartment building located?
The property is located at 1323 Walnut Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Fully stabilized 6‑unit multifamily built in 1922 with a unit mix of four 1‑bed and two 2‑bed homes; All six units were completely updated within the past year and are operating at maximum market rents; Electrical system was rewired within the past year, helping reduce future CapEx risk
