11-Unit Multifamily
For Sale
$2,800,000
1512 Sherman Place, Long Beach, CA 90804
Occupied apartment community with varied unit layouts, on-site parking, and rent-control protections in Long Beach.
Property Size9,320 SF
Lot Size0.35 Acres
Price / SF$300.43
Days on Market9
Property Features for 1512 Sherman Place
General Information
Standard status
Active
Size
9,320 SF
Total Parking Spaces
11
Lot size
0.35 Acres
Property subtype
Multi-family
Occupancy
100%
Financials
Asking Price
$2,800,000
Cap Rate
6.62%
Average Monthly Rent
$2,129
Units
Unit Mix
6 x 2+1, 3 x 1+1, 2 x 3+2
Multifamily Units
11
Building Details
Year Built
1963
Listing Agency:
Lyon Stahl Investment Real Estate,Inc.
Listed By:
Taylor Avakian
(714) 497-3550
Source:
Sevengables
Added: Sep 8
Changed: Sep 15
Last Checked: Sep 15 at 8:49AM
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 Lyon Stahl Investment Real Estate,Inc.
Investment Insights
Based on property information with market context.
Built in 1963, this 11-unit multifamily property at 1512 Sherman Place in Long Beach offers a varied residential mix: six 2+1 units, three 1+1 units, and two 3+2 units. All residences are occupied, and the property includes 11 on-site parking spaces.
The asset is positioned in an established residential corridor near Long Beach’s Eastside. Long Beach rent control applies, with lease renewals providing an opportunity to adjust rents toward market levels as units turn over. The property is reported at a 6.62% in-place cap rate and a 6.88% pro forma cap rate.
The asset is positioned in an established residential corridor near Long Beach’s Eastside. Long Beach rent control applies, with lease renewals providing an opportunity to adjust rents toward market levels as units turn over. The property is reported at a 6.62% in-place cap rate and a 6.88% pro forma cap rate.
Key Highlights
- 11‑unit apartment property built in 1963
- Unit mix includes six 2+1, three 1+1, and two 3+2 residences
- All eleven units are currently occupied
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
$178,231
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
6.37%
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%
$3,564,620
$3.6M
Cap Rate 7%
$2,546,157
$2.5M
Cap Rate 9%
$1,980,344
$2.0M
Market Conditions
NOI Build-Up for 9,320 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
$341.1K $36.60/SF
− Vacancy
−$17.1K −$1.83/SF
EGI
$324.1K $34.77/SF
− OpEx
−$145.8K −$15.65/SF
NOI
$178.2K $19.12/SF
Area
Long Beach, CA
Vacancy
5.00%
Lease Rate
$36.60 /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%
$3,564,620
Cap Rate 7%
$2,546,157
Cap Rate 9%
$1,980,344
Alternative Uses
Best Use
Apartment 5plus
$2.55M
$2.23M – $2.97M
NOI $178,231 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.99M
$4.37M – $5.82M
NOI $349,292 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,530
Businesses Nearby
Explore this area
Business Placement
Demographics for 90804, CA
39,370
Population
15,998
Households
2.5
Avg Household Size
33
Median Age
30%
College-Educated
75%
High-School Grad
2.2 sq mi
ZIP Area
17,895
Density / Sq Mi
$68,940
Median Household Income
$38,914
Median Earnings
$1,801
Median Rent
$673,600
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 - Occupied apartment community with varied unit layouts, on-site parking, and rent-control protections in Long Beach.
Where is this apartment building located?
The property is located at 1512 Sherman Place Long Beach, CA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 11‑unit apartment property built in 1963; Unit mix includes six 2+1, three 1+1, and two 3+2 residences; All eleven units are currently occupied
