24-Unit Apartment
For Sale
$4,800,000
319 Elm, Long Beach, CA 90802
Updated interiors, building systems, and access features complement separately metered utilities and on-site parking.
Property Size11,838 SF
Price / SF$405.47
Days on Market83
Property Features for 319 Elm
General Information
Standard status
Active
Size
11,838 SF
Total Parking Spaces
10
Property subtype
Mixed Use
Financials
Cap Rate
6.42%
Gross Rent Multiplier
10.06
Site & Location
Neighborhood
East Village
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
18 x studio, 6 x 1BR/1BA
Multifamily Units
24
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Amenities
keyless entry
Building Details
Building Size
11,838 SF
Year Built
1912
Listing Agency:
Compass
Listed By:
LaRocca Real Estate Group | Leonard LaRocca · License #01401046
(310) 698-6444
Source:
Laroccarealestate
Added: Aug 6
Changed: Oct 26
Last Checked: Oct 26 at 2:10PM
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 Compass
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Investment Insights
Based on property information with market context.
This 11,838-square-foot apartment property, built in 1912, contains 24 units: 18 studios and six one-bedroom, one-bath apartments. Improvements include electrical work throughout, renovated units, keyless entry, refreshed common areas, and exterior updates. Utilities are separately metered, and the property has 10 on-site parking spaces.
The asset is in Long Beach’s East Village Arts District, within the downtown area. Its unit mix and parking are complemented by building-wide access and system upgrades.
The asset is in Long Beach’s East Village Arts District, within the downtown area. Its unit mix and parking are complemented by building-wide access and system upgrades.
Key Highlights
- 24 units: 18 studios and six one‑bedroom/one‑bath apartments
- 11,838 SF apartment property built in 1912
- 10 on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$226,384
Cap Rate
4.72%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
24
Residential units
Yes
Utilities to site
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated interiors, building systems, and access features complement separately metered utilities and on-site parking.
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 units: 18 studios and six one‑bedroom/one‑bath apartments; 11,838 SF apartment property built in 1912; 10 on‑site parking spaces
