18-Unit Apartment
For Sale
Contact for pricing
244 Coronado Ave, Long Beach, CA 90803
Updated interiors, separately metered utilities, on-site laundry, and garage parking support the property’s multifamily operation.
Property Size14,045 SF
Price / SF$498.40
Days on Market148
Property Features for 244 Coronado Ave
General Information
Standard status
Active
Size
14,045 SF
Total Parking Spaces
9
Property subtype
Multifamily
Net Operating Income
$375,953
Units
Unit Mix
3 x 1BD/1BA, 14 x 2BD/1BA, 1 x 3BD/2BA
Multifamily Units
18
Amenities
on-site laundry facilities
Building Details
Year Built
1962
Buildings
2
Stories
2
Units
18
Listing Agency:
Stepp Commercial
(310) 463-2916
Listed By:
Robert Stepp · License #CA 01456379
Source:
Crexi
Added: Apr 7
Changed: Aug 30
Last Checked: Sep 1 at 6:49AM
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 Stepp Commercial
Investment Insights
Based on property information with market context.
This 18-unit apartment property at 244–246 Coronado Avenue was built in 1962 and offers a mix of three 1BD/1BA units, fourteen 2BD/1BA units, and one 3BD/2BA unit. Most residences feature updated kitchens and bathrooms, while the building’s electrical system has been upgraded throughout. The property totals 14,045 square feet and includes separately metered utilities, an in-place RUBS program, on-site laundry, and nine garages.
The asset is positioned between Long Beach’s Bluff Heights and Belmont Heights areas, with access to the beach, Bluff Park, and the Shoreline bike path. Retail and dining options are located along 4th Street’s Retro Row and 2nd Street in Belmont Shore. The surrounding setting includes early 20th-century architecture and tree-lined streets, while the property information reports approximately 65% renter occupancy in the area.
The asset is positioned between Long Beach’s Bluff Heights and Belmont Heights areas, with access to the beach, Bluff Park, and the Shoreline bike path. Retail and dining options are located along 4th Street’s Retro Row and 2nd Street in Belmont Shore. The surrounding setting includes early 20th-century architecture and tree-lined streets, while the property information reports approximately 65% renter occupancy in the area.
Key Highlights
- 18‑unit multifamily property totaling 14,045 square feet
- Unit mix includes three 1BD/1BA, fourteen 2BD/1BA, and one 3BD/2BA unit
- Most units have updated kitchens and bathrooms; electrical system updated throughout
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
$268,590
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
3.84%
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%
$5,371,800
$5.4M
Cap Rate 7%
$3,837,000
$3.8M
Cap Rate 9%
$2,984,333
$3.0M
Market Conditions
NOI Build-Up for 14,045 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
$514.0K $36.60/SF
− Vacancy
−$25.7K −$1.83/SF
EGI
$488.3K $34.77/SF
− OpEx
−$219.8K −$15.65/SF
NOI
$268.6K $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%
$5,371,800
Cap Rate 7%
$3,837,000
Cap Rate 9%
$2,984,333
Alternative Uses
Best Use
Apartment 5plus
$3.84M
$3.36M – $4.48M
NOI $268,590 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.52M
$6.58M – $8.77M
NOI $526,375 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
1,620
Businesses Nearby
Explore this area
Business Placement
Demographics for 90803, CA
32,192
Population
18,516
Households
1.7
Avg Household Size
46
Median Age
61%
College-Educated
95%
High-School Grad
4.1 sq mi
ZIP Area
7,852
Density / Sq Mi
$111,500
Median Household Income
$73,944
Median Earnings
$2,073
Median Rent
$1,138,300
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 - Updated interiors, separately metered utilities, on-site laundry, and garage parking support the property’s multifamily operation.
Where is this apartment building located?
The property is located at 244 Coronado Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 18‑unit multifamily property totaling 14,045 square feet; Unit mix includes three 1BD/1BA, fourteen 2BD/1BA, and one 3BD/2BA unit; Most units have updated kitchens and bathrooms; electrical system updated throughout
