Spanish Revival Apartment
For Sale
$2,525,000
2059 Cedar Ave, Long Beach, CA 90806
Two-story apartment property with controlled entry, on-site laundry, and select residences featuring stainless-steel appliances.
Property Size9,399 SF
Days on Market48
Property Features for 2059 Cedar Ave
General Information
Standard status
Active
Size
9,399 SF
Net Rentable
9,399 SF
Total Parking Spaces
4
Property subtype
Multifamily
Site & Location
Neighborhood
South Wrigley
Units
Unit Mix
6 x studio, 8 x 1BR/1BA
Multifamily Units
14
Amenities
on-site laundry
controlled access
Property Overview: 14-unit multifamily asset in Long Beach, CA (9,399 rentable square feet).
Unit Mix: 6 studios and 8 one-bedroom/one-bathroom units.
Architecture: 1931 Spanish Revival-style with classic stucco exterior, clay tile roof, and arched openings.
Capital Improvements: Updated copper plumbing and electrical systems already completed by current ownership.
Interior Upgrades: Renovated kitchens and bathrooms, featuring stainless-steel appliances in select units.
Income-Producing Amenities: On-site laundry facility and 4 highly coveted garage parking spaces.
Access & Security: Controlled-access main entrance leading to an interior hallway system.
Building Details
Building Size
9,399 SF
Year Built
1931
Stories
2
Units
14
Construction
Spanish Revival
Listed By:
Nick Kazemi · License #License(s): CA: 02008945
(949) 419-3333
Source:
Marcusmillichap
Added: Sep 14
Changed: Oct 25
Last Checked: Oct 30 at 10:25AM
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 Nick Kazemi
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Investment Insights
Based on property information with market context.
This 14-unit apartment building in Long Beach was constructed in 1931 and contains approximately 9,399 rentable square feet across two stories. Its Spanish Revival character includes a stucco exterior, clay tile roof, arched openings, and period detailing. The unit mix comprises 6 studios and 8 one-bedroom, one-bath residences, arranged around controlled-access entry and interior hallways.
Resident amenities include an on-site laundry facility and 4 garage parking spaces. Reported capital improvements include copper plumbing, electrical upgrades, and kitchen and bathroom updates throughout the property. Select residences also feature stainless-steel appliances, while additional unit improvements have been completed as apartments turned over.
Resident amenities include an on-site laundry facility and 4 garage parking spaces. Reported capital improvements include copper plumbing, electrical upgrades, and kitchen and bathroom updates throughout the property. Select residences also feature stainless-steel appliances, while additional unit improvements have been completed as apartments turned over.
Key Highlights
- 14‑unit apartment building in Long Beach, California
- Approximately 9,399 rentable square feet across 2 stories
- Unit mix includes 6 studios and 8 1‑bed/1‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$151,342
Cap Rate
5.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,026,840
$3.0M
Cap Rate 7%
$2,162,029
$2.2M
Cap Rate 9%
$1,681,578
$1.7M
Market Conditions
NOI Build-Up for 9,399 SF
Gross rent
$288.7K $30.72/SF
− Vacancy
−$13.6K −$1.44/SF
EGI
$275.2K $29.28/SF
− OpEx
−$123.8K −$13.17/SF
NOI
$151.3K $16.10/SF
Area
ZIP 90806
Vacancy
4.70%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,026,840
Cap Rate 7%
$2,162,029
Cap Rate 9%
$1,681,578
Alternative Uses
Best Use
Apartment 5plus
$2.16M
$1.89M – $2.52M
NOI $151,342 @ 7.0% cap · market cap 5.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.03M
$4.40M – $5.87M
NOI $352,253 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,336
Businesses Nearby
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Business Placement
Demographics for 90806, CA
41,611
Population
13,106
Households
3.2
Avg Household Size
35
Median Age
22%
College-Educated
72%
High-School Grad
4.9 sq mi
ZIP Area
8,492
Density / Sq Mi
$73,674
Median Household Income
$36,691
Median Earnings
$1,672
Median Rent
$699,800
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 - Two-story apartment property with controlled entry, on-site laundry, and select residences featuring stainless-steel appliances.
Where is this apartment building located?
The property is located at 2059 Cedar Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,525,000.
What are key features of this property?
This property features: 14‑unit apartment building in Long Beach, California; Approximately 9,399 rentable square feet across 2 stories; Unit mix includes 6 studios and 8 1‑bed/1‑bath units
