Spanish-Style Fourplex Income
209 Mira Mar Ave Long Beach, CA 90803
For Sale
Contact for pricing
Four-unit Spanish-style rental property with townhouse-style two-bedroom units and one-bedroom units, all currently occupied.
Property Size3,604 SF
Price / SF$374.58
Days on Market116
Property Features for 209 Mira Mar Ave
General Information
- Standard status
- Active
- Size
- 3,604 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1937
Listing Agency:
Lyon Stahl Investment Real Estate Long Beach
Listed By:
Jack McCann · License #CA 01963932
Source:
Crexi
Added: Mar 31
Changed: Jul 23
Last Checked: Jul 23 at 3:09PM
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 Long Beach
Investment Insights
Based on property information with market context.
209 Mira Mar Avenue is a four-unit Spanish-style income property configured with two townhouse-style 2-bedroom/1.5-bath units and two 1-bedroom/1-bath units. The total rentable area is approximately 3,604 square feet, and all four units are currently occupied on month-to-month leases.
The property includes five on-site garages at the rear of the parcel. Since 2020, ownership has completed a series of capital improvements totaling over $90,000, including a full roof replacement in 2025, sewer line upgrades and crawl space re-piping, exterior repaint with wood repair in 2023, a renovated Unit D bathroom in 2025, and new water heaters with updated plumbing components in 2024–2025. Prior upgrades include gas line replacement, flooring improvements, and seismic retrofit work.
With ongoing month-to-month occupancy and multiple major system updates completed, this is a well-maintained small multifamily asset positioned to support continued operations and unit performance.
The property includes five on-site garages at the rear of the parcel. Since 2020, ownership has completed a series of capital improvements totaling over $90,000, including a full roof replacement in 2025, sewer line upgrades and crawl space re-piping, exterior repaint with wood repair in 2023, a renovated Unit D bathroom in 2025, and new water heaters with updated plumbing components in 2024–2025. Prior upgrades include gas line replacement, flooring improvements, and seismic retrofit work.
With ongoing month-to-month occupancy and multiple major system updates completed, this is a well-maintained small multifamily asset positioned to support continued operations and unit performance.
Key Highlights
- Four‑unit Spanish‑style rental property built in 1937, totaling approximately 3,604 rentable SF.
- Unit mix: two townhouse‑style 2BR/1.5BA units plus two 1BR/1BA units.
- All four units are currently occupied on month‑to‑month leases; rents average about 43% below market.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $116.8k | $32.40 |
| − Vacancy | −$6.1k | −$1.68 |
| EGI | $110.7k | $30.72 |
| − OpEx | −$33.2k | −$9.21 |
| NOI | $77.5k | $21.50 |
3,604 SF · lease $32.40/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$968.6K – $1.29M
NOI $77,488 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$984.6K
$861.5K – $1.15M
NOI $68,921 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,070 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Four-unit Spanish-style rental property with townhouse-style two-bedroom units and one-bedroom units, all currently occupied.
Where is this quadplex located?
The property is located at 209 Mira Mar Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Four‑unit Spanish‑style rental property built in 1937, totaling approximately 3,604 rentable SF.; Unit mix: two townhouse‑style 2BR/1.5BA units plus two 1BR/1BA units.; All four units are currently occupied on month‑to‑month leases; rents average about 43% below market.
