Spanish Revival Apartment
New
For Sale
$2,525,000
2059 Cedar Avenue, 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 Market6
Property Features for 2059 Cedar Avenue
General Information
Standard status
Active
Size
9,399 SF
Net Rentable
9,399 SF
Total Parking Spaces
4
Property subtype
Apartment
Units
Unit Mix
6 x studio, 8 x 1BR/1BA
Multifamily Units
14
Amenities
on-site laundry
controlled access
Building Details
Building Size
9,399 SF
Year Built
1931
Stories
2
Construction
Spanish Revival
Listing Agency:
Marcus & Millichap RE Invest
Listed By:
Tyler Leeson · License #01451551
(949) 419-3200
Source:
Velocityrealtysd
Added: Sep 11
Changed: Sep 15
Last Checked: Sep 15 at 9:12AM
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 Marcus & Millichap RE Invest
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 = 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
$151,342
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
5.99%
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%
$3,026,840
$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
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
$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 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%
$3,026,840
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.
Property Analytics
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Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,336
Businesses Nearby
Explore this area
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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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 - 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 Avenue 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
