Corner-Lot Multifamily Development
For Sale
$749,000
Pending
3061 Long Beach, Long Beach, CA 90807
Corner-lot site with conditionally approved plans for a three-story, 14-unit apartment project.
Property Size1,392 SF
Days on Market114
Property Features for 3061 Long Beach
General Information
Standard status
Pending
Size
1,392 SF
Building Details
Building Size
1,392 SF
Year Built
1964
Buildings
1
Stories
1
Listing Agency:
Keystone Realty Group
Listed By:
Samir Rai · License #01868728
(909) 994-9090
Source:
Evrealestate
Added: May 19
Changed: Sep 3
Last Checked: Sep 2 at 1:16AM
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 Keystone Realty Group
Investment Insights
Based on property information with market context.
Located at 3061 Long Beach Blvd, this corner-lot multifamily development site is being offered with conditionally approved plans for a three-story apartment project totaling approximately 13,000 SF with 14 units, including 3 affordable units. The proposed design includes no on-site parking requirement, a factor that can reduce future construction scope and cost.
The property sits within a designated transit corridor along a major transit corridor in Long Beach. It is currently occupied by a cooperative month-to-month tenant who covers all day-to-day operational responsibilities, providing interim revenue while entitlement and permitting are underway.
Interim income is currently reported at $4,000 per month, and the tenant is described as willing to work with the new owner to update their lease terms or price.
The property sits within a designated transit corridor along a major transit corridor in Long Beach. It is currently occupied by a cooperative month-to-month tenant who covers all day-to-day operational responsibilities, providing interim revenue while entitlement and permitting are underway.
Interim income is currently reported at $4,000 per month, and the tenant is described as willing to work with the new owner to update their lease terms or price.
Key Highlights
- Corner‑lot multifamily development site in Long Beach’s transit corridor
- Conditionally approved plans for a 3‑story, 14‑unit apartment project
- Planned project size: 13,000 SF
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
$26,620
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
3.55%
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%
$532,400
$532.4K
Cap Rate 7%
$380,286
$380.3K
Cap Rate 9%
$295,778
$295.8K
Market Conditions
NOI Build-Up for 1,392 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
$50.9K $36.60/SF
− Vacancy
−$2.5K −$1.83/SF
EGI
$48.4K $34.77/SF
− OpEx
−$21.8K −$15.65/SF
NOI
$26.6K $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%
$532,400
Cap Rate 7%
$380,286
Cap Rate 9%
$295,778
Alternative Uses
Best Use
Apartment 5plus
$380.3K
$332.8K – $443.7K
NOI $26,620 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$745.3K
$652.1K – $869.5K
NOI $52,169 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,833
Businesses Nearby
Explore this area
Business Placement
Demographics for 90807, CA
32,412
Population
13,345
Households
2.4
Avg Household Size
41
Median Age
45%
College-Educated
90%
High-School Grad
4.4 sq mi
ZIP Area
7,366
Density / Sq Mi
$95,079
Median Household Income
$56,392
Median Earnings
$1,892
Median Rent
$832,200
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 - Corner-lot site with conditionally approved plans for a three-story, 14-unit apartment project.
Where is this apartment building located?
The property is located at 3061 Long Beach Long Beach, CA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Corner‑lot multifamily development site in Long Beach’s transit corridor; Conditionally approved plans for a 3‑story, 14‑unit apartment project; Planned project size: 13,000 SF
