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 Market98
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
Site & Location
Neighborhood
Central
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 · License #CA 02060040
(916) 996-4421
Source:
Sevengables
Added: Jul 26
Changed: Oct 31
Last Checked: Oct 30 at 7:04PM
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.
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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 / Yr
$178,231
Cap Rate
6.37%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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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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Market
Vacancy Rate% for Multifamily in West region
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
