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 Market55
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
Listed By:
Tyson Storr
Source:
Elliman
Added: Jul 14
Changed: Aug 23
Last Checked: Sep 5 at 9:04AM
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 Tyson Storr
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 = 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
$82,353
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
5.15%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
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 - 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
