Turn-Key 24-Unit Multifamily
For Sale
Contact for pricing
1495 N Peterson Ave, Long Beach, CA 90813
Renovated 24-unit multifamily property with separately metered utilities, on-site laundry, and garages.
Property Size15,952 SF
Price / SF$394.93
Days on Market169
Property Features for 1495 N Peterson Ave
General Information
Standard status
Active
Size
15,952 SF
Total Parking Spaces
13
Property subtype
Multifamily
Net Operating Income
$360,170
Additional Details
Highway Access
Yes
Multifamily Units
24
Amenities
on-site laundry facilities
garages
Building Details
Year Built
1963
Buildings
1
Stories
2
Units
24
Listing Agency:
Stepp Commercial
Listed By:
Robert Stepp · License #CA 01456379
(310) 463-2916
Source:
Crexi
Added: Apr 1
Changed: Sep 10
Last Checked: Sep 16 at 1:06PM
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 Stepp Commercial
Investment Insights
Based on property information with market context.
1495 N Peterson Ave offers a turn-key 24-unit multifamily building with a unit mix of nineteen 1BD/1BA units, two 2BD/1BA units, and three 3BD/1BA units. The property’s units have been fully renovated, including new kitchens, bathrooms, flooring, and windows. Capital improvements include a new roof (2019), updates to electrical and plumbing systems, and completed seismic retrofitting.
The asset is supported by separately metered utilities and an in-place RUBS program designed to support expense recovery and operating efficiency. Additional income is generated through on-site laundry facilities and thirteen garages.
The garages provide additional flexibility, including the stated opportunity for ADU conversion for increased rental income.
The asset is supported by separately metered utilities and an in-place RUBS program designed to support expense recovery and operating efficiency. Additional income is generated through on-site laundry facilities and thirteen garages.
The garages provide additional flexibility, including the stated opportunity for ADU conversion for increased rental income.
Key Highlights
- 24‑unit multifamily built in 1963 with a unit mix of 19 one‑bedroom, 2 two‑bedroom, and 3 three‑bedroom units
- All units fully renovated with new kitchens, bathrooms, flooring, and windows
- Capital improvements include a new roof (2019), updated electrical and plumbing, and completed seismic retrofitting
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
$337,885
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
5.36%
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%
$6,757,700
$6.8M
Cap Rate 7%
$4,826,929
$4.8M
Cap Rate 9%
$3,754,278
$3.8M
Market Conditions
NOI Build-Up for 15,952 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
$641.3K $40.20/SF
− Vacancy
−$26.9K −$1.69/SF
EGI
$614.3K $38.51/SF
− OpEx
−$276.5K −$17.33/SF
NOI
$337.9K $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%
$6,757,700
Cap Rate 7%
$4,826,929
Cap Rate 9%
$3,754,278
Alternative Uses
Best Use
Apartment 5plus
$4.83M
$4.22M – $5.63M
NOI $337,885 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.24M
$4.58M – $6.11M
NOI $366,653 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
24
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,771
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 24-unit multifamily property with separately metered utilities, on-site laundry, and garages.
Where is this apartment building located?
The property is located at 1495 N Peterson Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $6,300,000.
What are key features of this property?
This property features: 24‑unit multifamily built in 1963 with a unit mix of 19 one‑bedroom, 2 two‑bedroom, and 3 three‑bedroom units; All units fully renovated with new kitchens, bathrooms, flooring, and windows; Capital improvements include a new roof (2019), updated electrical and plumbing, and completed seismic retrofitting
