Renovated 18-Unit Apartment
New
For Sale
$3,500,000
235 Linden, Long Beach, CA 90802
Historic exterior, updated interiors, roof improvements, and keyless entry support a low-maintenance multifamily offering.
Property Size9,029 SF
Days on Market4
Property Features for 235 Linden
General Information
Standard status
Active
Size
9,029 SF
Property subtype
Investment
Building Details
Building Size
9,029 SF
Year Built
1913
Units
18
Listing Agency:
Keller Williams Realty SELA
(310) 774-3740
Listed By:
Robert Stepp · License #01456379
(310) 774-3740
Source:
Elliman
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 10 at 7:27AM
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 Keller Williams Realty SELA
Investment Insights
Based on property information with market context.
This 18-unit apartment building in Long Beach’s East Village Arts District combines a historic exterior with fully renovated interiors. The unit mix includes nine studios and nine one-bedroom, one-bath apartments. Property improvements include roof upgrades, keyless entry, and exterior work, creating a refreshed physical offering with reduced near-term maintenance requirements.
The building is positioned within the Downtown Long Beach area, near restaurants, retail, entertainment, employment, and transit. The property information reports a Transit Score of 66, classified as Good Transit. Constructed in 1913, the asset offers an established multifamily format in a walkable urban district with a compact studio and one-bedroom configuration.
The building is positioned within the Downtown Long Beach area, near restaurants, retail, entertainment, employment, and transit. The property information reports a Transit Score of 66, classified as Good Transit. Constructed in 1913, the asset offers an established multifamily format in a walkable urban district with a compact studio and one-bedroom configuration.
Key Highlights
- 18‑unit apartment building with nine studios and nine one‑bedroom, one‑bath units
- Fully renovated apartment interiors throughout
- 1913 construction with retained historic exterior
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
$172,666
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
4.93%
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%
$3,453,320
$3.5M
Cap Rate 7%
$2,466,657
$2.5M
Cap Rate 9%
$1,918,511
$1.9M
Market Conditions
NOI Build-Up for 9,029 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
$330.5K $36.60/SF
− Vacancy
−$16.5K −$1.83/SF
EGI
$313.9K $34.77/SF
− OpEx
−$141.3K −$15.65/SF
NOI
$172.7K $19.12/SF
Area
Long Beach, CA
Vacancy
5.00%
Lease Rate
$36.60 /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%
$3,453,320
Cap Rate 7%
$2,466,657
Cap Rate 9%
$1,918,511
Alternative Uses
Best Use
Apartment 5plus
$2.47M
$2.16M – $2.88M
NOI $172,666 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.83M
$4.23M – $5.64M
NOI $338,386 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,717
Businesses Nearby
Explore this area
Business Placement
Demographics for 90802, CA
41,686
Population
25,055
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
88%
High-School Grad
6.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$72,152
Median Household Income
$52,011
Median Earnings
$1,855
Median Rent
$546,700
Median Home Value
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 - Historic exterior, updated interiors, roof improvements, and keyless entry support a low-maintenance multifamily offering.
Where is this apartment building located?
The property is located at 235 Linden Long Beach, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 18‑unit apartment building with nine studios and nine one‑bedroom, one‑bath units; Fully renovated apartment interiors throughout; 1913 construction with retained historic exterior
