Multifamily Investment in Long
For Sale
Contact for pricing
1403 Lemon Avenue, Long Beach, CA 90813
Five-unit income property in Long Beach with strong cash flow.
Property Size2,700 SF
Lot Size0.15 Acres
Price / SF$462.96
Days on Market429
Property Features for 1403 Lemon Avenue
General Information
Standard status
Active
Size
2,700 SF
Lot size
0.15 Acres
Property subtype
Multifamily
Zoning
Public Rec
Building Details
Buildings
2
Stories
1
Units
5
Listing Agency:
Beverly and Company
(818) 271-1233
Listed By:
Milla Pariser · License #02006267
Source:
Crexi
Added: Jun 11, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:16PM
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 Beverly and Company
Investment Insights
Based on property information with market context.
Located in Long Beach, California, 1403 Lemon Avenue is a five-unit multifamily property situated on a 6,519 square foot lot. The property has a combined living area of approximately 2,700 square feet and is currently 100% occupied. The unit mix includes one detached 4-bedroom, 2-bath front house, one 4-bedroom, 1-bath unit, and three 2-bedroom, 1-bath units. The property is positioned in a rapidly appreciating area. The property delivers an 8.76% cap rate. There is potential for rental increases over time, particularly as the Long Beach rental market continues to strengthen.
Key Highlights
- High 8.76% Cap Rate: Delivers strong in‑place cash flow, a rare find in Southern California.
- 100% Occupancy: Ensures a reliable and consistent income stream.
- Upside Potential: Below‑market rents offer significant opportunity for rental increases and value appreciation.
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
$57,190
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
4.58%
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%
$1,143,800
$1.1M
Cap Rate 7%
$817,000
$817.0K
Cap Rate 9%
$635,444
$635.4K
Market Conditions
NOI Build-Up for 2,700 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
$108.5K $40.20/SF
− Vacancy
−$4.6K −$1.69/SF
EGI
$104.0K $38.51/SF
− OpEx
−$46.8K −$17.33/SF
NOI
$57.2K $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%
$1,143,800
Cap Rate 7%
$817,000
Cap Rate 9%
$635,444
Alternative Uses
Best Use
Apartment 5plus
$817.0K
$714.9K – $953.2K
NOI $57,190 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$886.6K
$775.7K – $1.03M
NOI $62,059 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,862
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit income property in Long Beach with strong cash flow.
Where is this apartment building located?
The property is located at 1403 Lemon Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: High 8.76% Cap Rate: Delivers strong in‑place cash flow, a rare find in Southern California.; 100% Occupancy: Ensures a reliable and consistent income stream.; Upside Potential: Below‑market rents offer significant opportunity for rental increases and value appreciation.
