9-Unit Apartment
For Sale
$1,295,888
Pending
1651 E South, Long Beach, CA 90805
Two-building property combines a standalone home with a separate structure containing studio apartments.
Property Size3,480 SF
Days on Market97
Property Features for 1651 E South
General Information
Standard status
Pending
Size
3,480 SF
Property subtype
Apartment
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 8 x studio
Multifamily Units
9
Building Details
Building Size
3,480 SF
Year Built
1954
Buildings
2
Listing Agency:
Sky View Real Estate 562-761-2777 Overview Additional information MLS R ID PW26128325 Interior features Exterior features Lot Size 0.12 Acres Truth Realty | CA DRE# 01861105 Request a tour Contact agent Request a tour Contact agent Listed by Dara Chay CA DRE# 01217793 with Sky View Real Estate 562-761-2777
Listed By:
Dara Chay CA DRE# 01217793 · License #01217793
Source:
Truthrealty
Added: Jun 12
Changed: Sep 16
Last Checked: Sep 15 at 10:35AM
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 Sky View Real Estate 562-761-2777 Overview Additional information MLS R ID PW26128325 Interior features Exterior features Lot Size 0.12 Acres Truth Realty | CA DRE# 01861105 Request a tour Contact agent Request a tour Contact agent Listed by Dara Chay CA DRE# 01217793 with Sky View Real Estate 562-761-2777
Investment Insights
Based on property information with market context.
Located at 1651 E South in Long Beach, this nine-unit apartment property is arranged across two buildings. The front structure is a detached two-bedroom, one-bath home. A second building contains four studio apartments on the lower level and four additional studios upstairs, creating a mix of residential layouts within the complex.
The property is across the street from Harte Elementary School and near Lakewood Mall, Long Beach Exchange, restaurants, parks, and other amenities. The units are described as consistently rented, providing an established occupancy profile across the nine-unit configuration.
The property is across the street from Harte Elementary School and near Lakewood Mall, Long Beach Exchange, restaurants, parks, and other amenities. The units are described as consistently rented, providing an established occupancy profile across the nine-unit configuration.
Key Highlights
- Nine total units across two buildings
- Front detached home includes 2 bedrooms and 1 bath
- Second building has 4 ground‑floor studio units
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
$58,126
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
4.49%
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%
$1,162,520
$1.2M
Cap Rate 7%
$830,371
$830.4K
Cap Rate 9%
$645,844
$645.8K
Market Conditions
NOI Build-Up for 3,480 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
$110.7K $31.80/SF
− Vacancy
−$5.0K −$1.43/SF
EGI
$105.7K $30.37/SF
− OpEx
−$47.6K −$13.67/SF
NOI
$58.1K $16.70/SF
Area
ZIP 90805
Vacancy
4.50%
Lease Rate
$31.80 /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%
$1,162,520
Cap Rate 7%
$830,371
Cap Rate 9%
$645,844
Alternative Uses
Best Use
Apartment 5plus
$830.4K
$726.6K – $968.8K
NOI $58,126 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$912.0K – $1.22M
NOI $72,963 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,068
Businesses Nearby
Explore this area
Business Placement
Demographics for 90805, CA
95,350
Population
28,954
Households
3.3
Avg Household Size
34
Median Age
18%
College-Educated
74%
High-School Grad
7.4 sq mi
ZIP Area
12,885
Density / Sq Mi
$68,615
Median Household Income
$34,948
Median Earnings
$1,664
Median Rent
$588,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building property combines a standalone home with a separate structure containing studio apartments.
Where is this apartment building located?
The property is located at 1651 E South Long Beach, CA.
What is the asking price?
The asking price for this property is $1,295,888.
What are key features of this property?
This property features: Nine total units across two buildings; Front detached home includes 2 bedrooms and 1 bath; Second building has 4 ground‑floor studio units
