Four-Unit Multifamily
For Sale
$975,000
2129 Locust Ave, Long Beach, CA 90806
Four-unit multifamily property built in 1928 with ADU.
Property Size2,351 SF
Lot Size0.14 Acres
Price / SF$414.72
Days on Market153
Property Features for 2129 Locust Ave
General Information
Standard status
Active
Size
2,351 SF
Lot size
0.14 Acres
Property subtype
Multifamily
Amenities
South Wrigley Location: Centrally located to 405 and 710 Freeway, Memorial Medical Center, Signal Hill, and Downtown Long Beach
Brand New Ground Up Construction One Bedroom ADU: Built Between Front House and Back Buildings
Brand New Roofs, Upgraded Electrical Panels, and Copper / Pex Plumbing Throughout
Amenities That All Tenants Value: Synergized Outdoor Space, Laundry In-Unit (2/4 units), and Private Parking (3 Garages+Storage
Two Bedroom + Den / One Bathroom House with 2 Existing One Bedroom / One Bathroom Units and 1 Brand new One Bedroom ADU
Award Winning Poly High School Walking Distance
Building Details
Building Size
2,351 SF
Units
4
Listed By:
Kyle Blair · License #License(s): CA: 02091539
(562) 257-1259
Source:
Marcusmillichap
Added: Apr 9
Changed: Aug 8
Last Checked: Sep 8 at 3:51AM
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 Kyle Blair
Investment Insights
Based on property information with market context.
This four-unit multifamily property, originally built in 1928 as a triplex, offers 2,351 rentable square feet on a 6,258 square foot lot. The property features a two-bedroom plus den and one-bathroom house, along with two existing one-bedroom and one-bathroom units, and one brand new one-bedroom ADU. It also includes three garages and one storage space.
Key Highlights
- Brand new one bedroom ADU, a fantastic addition.
- Four units providing multiple income streams.
- Two Bedroom + Den / One Bathroom House included.
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
$42,123
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
4.32%
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%
$842,460
$842.5K
Cap Rate 7%
$601,757
$601.8K
Cap Rate 9%
$468,033
$468.0K
Market Conditions
NOI Build-Up for 2,351 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
$63.5K $27.00/SF
− Vacancy
−$3.3K −$1.40/SF
EGI
$60.2K $25.60/SF
− OpEx
−$18.1K −$7.68/SF
NOI
$42.1K $17.92/SF
Area
ZIP 90806
Vacancy
5.20%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$842,460
Cap Rate 7%
$601,757
Cap Rate 9%
$468,033
Alternative Uses
Best Use
Multifamily LT 5
$601.8K
$526.5K – $702.1K
NOI $42,123 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$540.8K
$473.2K – $630.9K
NOI $37,856 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,110 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,582
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily property built in 1928 with ADU.
Where is this quadplex located?
The property is located at 2129 Locust Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Brand new one bedroom ADU, a fantastic addition.; Four units providing multiple income streams.; Two Bedroom + Den / One Bathroom House included.
