Turn-Key 24-Unit Multifamily
1495 N Peterson Ave Long Beach, CA 90813
For Sale
Contact for pricing
Renovated 24-unit multifamily property with separately metered utilities, on-site laundry, and garages.
Property Size15,952 SF
Price / SF$394.93
Days on Market115
Property Features for 1495 N Peterson Ave
General Information
- Standard status
- Active
- Size
- 15,952 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1963
Listing Agency:
Stepp Commercial
(310) 463-2916
Listed By:
Robert Stepp · License #CA 01456379
Source:
Crexi
Added: Apr 1
Changed: Jul 23
Last Checked: Jul 23 at 5:03PM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $641.3k | $40.20 |
| − Vacancy | −$26.9k | −$1.69 |
| EGI | $614.3k | $38.51 |
| − OpEx | −$276.5k | −$17.33 |
| NOI | $337.9k | $21.18 |
15,952 SF · lease $40.20/SF/yr · vacancy 4.20% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
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
