24-Unit Apartment
New
For Sale
$4,800,000
319 Elm, Long Beach, CA 90802
Renovated multifamily property with controlled access, on-site parking, and a studio-focused unit mix in Downtown Long Beach.
Property Size11,838 SF
Days on Market5
Property Features for 319 Elm
General Information
Standard status
Active
Size
11,838 SF
Total Parking Spaces
10
Property subtype
Investment
Financials
Cap Rate
6.42%
Gross Rent Multiplier
10.06
Units
Unit Mix
18 x studio, 6 x 1BR/1BA
Multifamily Units
24
Additional Details
Public Transit
Yes
Building Details
Building Size
11,838 SF
Year Built
1912
Units
24
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 9
Last Checked: Aug 11 at 11:10AM
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.
Built in 1912, this 24-unit apartment property includes eighteen studios and six one-bedroom, one-bath residences. Building improvements include comprehensive electrical work, renovated units, keyless entry throughout, upgraded common areas, and exterior enhancements. Separately metered utilities support the property’s operating structure, while 10 on-site parking spaces add functional value for residents.
The asset is positioned in Long Beach’s East Village Arts District within a walkable Downtown submarket. Walk Score is 90, Bike Score is 92, and Transit Score is 51, reflecting access to nearby employment, transit, and daily-use amenities. Current metrics include a 6.42% cap rate and 10.06 GRM; the stated stabilized metrics are a 7.28% cap rate and 9.20 GRM.
The asset is positioned in Long Beach’s East Village Arts District within a walkable Downtown submarket. Walk Score is 90, Bike Score is 92, and Transit Score is 51, reflecting access to nearby employment, transit, and daily-use amenities. Current metrics include a 6.42% cap rate and 10.06 GRM; the stated stabilized metrics are a 7.28% cap rate and 9.20 GRM.
Key Highlights
- 24‑unit configuration with 18 studios and 6 one‑bedroom, one‑bath units
- 10 on‑site parking spaces
- Electrical upgrades, unit renovations, and exterior improvements completed
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
$226,384
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
4.72%
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%
$4,527,680
$4.5M
Cap Rate 7%
$3,234,057
$3.2M
Cap Rate 9%
$2,515,378
$2.5M
Market Conditions
NOI Build-Up for 11,838 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
$433.3K $36.60/SF
− Vacancy
−$21.7K −$1.83/SF
EGI
$411.6K $34.77/SF
− OpEx
−$185.2K −$15.65/SF
NOI
$226.4K $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%
$4,527,680
Cap Rate 7%
$3,234,057
Cap Rate 9%
$2,515,378
Alternative Uses
Best Use
Apartment 5plus
$3.23M
$2.83M – $3.77M
NOI $226,384 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.34M
$5.55M – $7.39M
NOI $443,661 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
6,063
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 - Renovated multifamily property with controlled access, on-site parking, and a studio-focused unit mix in Downtown Long Beach.
Where is this apartment building located?
The property is located at 319 Elm Long Beach, CA.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 24‑unit configuration with 18 studios and 6 one‑bedroom, one‑bath units; 10 on‑site parking spaces; Electrical upgrades, unit renovations, and exterior improvements completed
