Renovated Four-Unit Apartment
New
For Sale
$2,499,000
263 Corona Ave, Long Beach, CA 90803
Long Beach quadplex with oversized apartments, upgraded interiors, private outdoor areas, and four garage parking spaces.
Property Size4,312 SF
Lot Size0.19 Acres
Price / SF$579.55
Days on Market2
Property Features for 263 Corona Ave
General Information
Standard status
Active
Size
4,312 SF
Total Parking Spaces
4
Lot size
0.19 Acres
Property subtype
Investment
Units
Unit Mix
1 x 2BR/1BA with den, 1 x 1BR/1.5BA, 2 x 1BR/1BA
Multifamily Units
4
Amenities
upgraded kitchens
upgraded bathrooms
hardwood flooring
vaulted ceilings
copper plumbing
ducted HVAC
private outdoor areas
hardscaped patio
Building Details
Building Size
4,312 SF
Year Built
1943
Stories
2
Units
4
Listing Agency:
Sage Real Estate Group, Inc.
(562) 307-0838
Listed By:
Juan Huizar · License #01417642
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 6:52AM
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 Sage Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
This four-unit apartment property at 263 Corona Avenue includes approximately 4,312 square feet of living area on an 8,104-square-foot lot. The unit mix comprises one two-bedroom, one-bath apartment with a den; one oversized one-bedroom, one-and-a-half-bath residence; and two one-bedroom, one-bath units. Two apartments measure approximately 1,450 and 1,550 square feet. Improvements include upgraded kitchens and bathrooms, hardwood floors, vaulted ceilings, copper plumbing, and ducted HVAC in the downstairs units.
The rear one-bedroom residence has been renovated with high ceilings, Viking appliances, built-in interior and exterior audio, a walk-in closet, and a primary bath with a Jacuzzi tub, separate shower, and dual sinks. Two two-car garages provide four garage parking spaces. Private outdoor areas and a hardscaped patio add usable exterior space. The property is in Long Beach's Belmont Park neighborhood, with a Walk Score of 91, a Bike Score of 79, and a Transit Score of 36. Built in 1943.
The rear one-bedroom residence has been renovated with high ceilings, Viking appliances, built-in interior and exterior audio, a walk-in closet, and a primary bath with a Jacuzzi tub, separate shower, and dual sinks. Two two-car garages provide four garage parking spaces. Private outdoor areas and a hardscaped patio add usable exterior space. The property is in Long Beach's Belmont Park neighborhood, with a Walk Score of 91, a Bike Score of 79, and a Transit Score of 36. Built in 1943.
Key Highlights
- Four‑unit apartment property at 263 Corona Ave, Long Beach, CA 90803
- Approximately 4,312 square feet on an 8,104‑square‑foot lot
- Unit mix includes 1 two‑bedroom unit with den, 1 one‑bedroom/1.5‑bath unit, and 2 one‑bedroom/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
$92,711
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
3.71%
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%
$1,854,220
$1.9M
Cap Rate 7%
$1,324,443
$1.3M
Cap Rate 9%
$1,030,122
$1.0M
Market Conditions
NOI Build-Up for 4,312 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
$139.7K $32.40/SF
− Vacancy
−$7.3K −$1.68/SF
EGI
$132.4K $30.72/SF
− OpEx
−$39.7K −$9.21/SF
NOI
$92.7K $21.50/SF
Area
Long Beach, CA
Vacancy
5.20%
Lease Rate
$32.40 /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%
$1,854,220
Cap Rate 7%
$1,324,443
Cap Rate 9%
$1,030,122
Alternative Uses
Best Use
Multifamily LT 5
$1.32M
$1.16M – $1.55M
NOI $92,711 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,461 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,604 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,506
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?
Quadplex - Long Beach quadplex with oversized apartments, upgraded interiors, private outdoor areas, and four garage parking spaces.
Where is this quadplex located?
The property is located at 263 Corona Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Four‑unit apartment property at 263 Corona Ave, Long Beach, CA 90803; Approximately 4,312 square feet on an 8,104‑square‑foot lot; Unit mix includes 1 two‑bedroom unit with den, 1 one‑bedroom/1.5‑bath unit, and 2 one‑bedroom/1‑bath units
