10-Unit Courtyard Apartment
For Sale
$2,045,000
1425 Cedar Ave, Long Beach, CA 90813
Two-building multifamily asset with gated entry, garage parking, and a mix of one- and two-bedroom residences.
Property Size6,222 SF
Days on Market10
Property Features for 1425 Cedar Ave
General Information
Standard status
Active
Size
6,222 SF
Property subtype
Multifamily
Amenities
Optimal Unit Mix: A 10-unit multifamily property featuring a highly desirable balance of one- and two-bedroom residences.
Property Specifications: Constructed in 1953, the asset consists of two buildings totaling approximately 6,222 rentable square feet.
Highly Valued Amenities: Offers a functional courtyard-style configuration complete with gated access and dedicated garage parking.
Strategic Central Location: Positioned near Downtown Long Beach with immediate access to major employment centers, transit, retail, and dining.
Massive Public Investment: Located directly across the street from the $176 million Washington Middle School campus rebuild project.
Major Neighborhood Catalyst: The new school campus will feature a state-of-the-art three-story classroom building, a 19,200-square-foot gymnasium, and an elevated sports field.
Clear Development Timeline: Vertical construction on the transformative school project is actively underway and on track for completion in 2028.
Strong Investment Profile: Combines an established operating history with practical, highly sought-after community features in the Long Beach rental market.
Building Details
Building Size
6,222 SF
Units
10
Listed By:
Nick Kazemi · License #License(s): CA: 02008945
(949) 419-3333
Source:
Marcusmillichap
Added: Aug 26
Changed: Aug 29
Last Checked: Sep 2 at 1:21PM
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 Nick Kazemi
Investment Insights
Based on property information with market context.
This 10-unit multifamily property comprises two buildings with approximately ± 6,222 rentable square feet. Built in 1953, the residences include a combination of one- and two-bedroom layouts arranged in a courtyard-style configuration. Gated entry and dedicated garage parking add practical features for residents.
The property is located near Downtown Long Beach, with access to public transportation, employment centers, retail, dining, and recreational destinations. Washington Middle School is situated across Cedar Avenue, where an ongoing transformation is contributing to public investment in the immediate area.
A 7.06% cap rate and established operating profile complement the property’s unit mix, physical layout, and resident-oriented features.
The property is located near Downtown Long Beach, with access to public transportation, employment centers, retail, dining, and recreational destinations. Washington Middle School is situated across Cedar Avenue, where an ongoing transformation is contributing to public investment in the immediate area.
A 7.06% cap rate and established operating profile complement the property’s unit mix, physical layout, and resident-oriented features.
Key Highlights
- 10‑unit multifamily property consisting of two buildings
- Approximately ± 6,222 rentable square feet
- One- and two‑bedroom unit mix
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
$131,791
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
6.44%
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%
$2,635,820
$2.6M
Cap Rate 7%
$1,882,729
$1.9M
Cap Rate 9%
$1,464,344
$1.5M
Market Conditions
NOI Build-Up for 6,222 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
$250.1K $40.20/SF
− Vacancy
−$10.5K −$1.69/SF
EGI
$239.6K $38.51/SF
− OpEx
−$107.8K −$17.33/SF
NOI
$131.8K $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%
$2,635,820
Cap Rate 7%
$1,882,729
Cap Rate 9%
$1,464,344
Alternative Uses
Best Use
Apartment 5plus
$1.88M
$1.65M – $2.20M
NOI $131,791 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.04M
$1.79M – $2.38M
NOI $143,011 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,652
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 - Two-building multifamily asset with gated entry, garage parking, and a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 1425 Cedar Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,045,000.
What are key features of this property?
This property features: 10‑unit multifamily property consisting of two buildings; Approximately ± 6,222 rentable square feet; One- and two‑bedroom unit mix
