8-Unit Studio Apartment
New
For Sale
$1,375,000
328 W 8th St, Long Beach, CA 90813
Updated residences include in-unit laundry in seven apartments and refreshed interiors throughout.
Property Size3,714 SF
Days on Market2
Property Features for 328 W 8th St
General Information
Standard status
Active
Size
3,714 SF
Property subtype
Multifamily
Amenities
Investment Opportunity: 8-unit multifamily property located at 328 West 8th Street in Long Beach, California.
Efficient Unit Mix: Consists exclusively of studio apartments.
Significant Capital Improvements: Over $400,000 invested in both interior and exterior upgrades, reducing near-term renovation requirements.
Extensively Renovated Interiors: All 8 units feature vinyl plank flooring, quartz countertops, shaker-style cabinetry, stainless-steel appliances, and modernized bathrooms.
In-Unit Laundry: 7 of the 8 units are equipped with washers and dryers.
Updated Infrastructure: Electrical subpanels updated in 2024, with a reported 200-amp main service.
Income Upside: Master-metered utilities provide a direct opportunity to implement a RUBS program (underwritten at $50 per unit per month) to offset ownership costs.
Prime Location: Boasts a Walk Score of 90 on a quiet, tree-lined street just blocks from Downtown Long Beach, with convenient access to the I-710 Freeway.
Building Details
Building Size
3,714 SF
Units
8
Listed By:
Nick Kazemi · License #License(s): CA: 02008945
(949) 419-3333
Source:
Marcusmillichap
Added: Sep 30
Last Checked: Oct 1 at 7:56AM
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 Nick Kazemi
Investment Insights
Based on property information with market context.
This eight-apartment property is configured entirely as studios, with renovated interiors across all units. Features include vinyl plank floors, shaker cabinetry, quartz counters, subway tile backsplashes, stainless-steel appliances, range hoods and modern ceiling fans. Updated bathrooms have tile floors, refreshed showers and contemporary vanities. Seven apartments have their own washer and dryer. Electrical subpanels were replaced or upgraded in 2024; the main service is reported at 200 amps, subject to buyer verification. Utilities are master-metered and currently paid by ownership.
The property is on a residential street a few blocks from Downtown Long Beach. Its Walk Score is 90, and nearby I-710 access connects with employment centers in Long Beach and the surrounding area. Shopping, dining, entertainment and daily services are accessible nearby.
The property is on a residential street a few blocks from Downtown Long Beach. Its Walk Score is 90, and nearby I-710 access connects with employment centers in Long Beach and the surrounding area. Shopping, dining, entertainment and daily services are accessible nearby.
Key Highlights
- Eight studio apartments, each with renovated interiors
- Seven units include in‑unit washers and dryers
- Electrical subpanels updated in 2024; reported 200‑amp main service, subject to buyer verification
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
$78,668
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
5.72%
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%
$1,573,360
$1.6M
Cap Rate 7%
$1,123,829
$1.1M
Cap Rate 9%
$874,089
$874.1K
Market Conditions
NOI Build-Up for 3,714 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
$149.3K $40.20/SF
− Vacancy
−$6.3K −$1.69/SF
EGI
$143.0K $38.51/SF
− OpEx
−$64.4K −$17.33/SF
NOI
$78.7K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /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%
$1,573,360
Cap Rate 7%
$1,123,829
Cap Rate 9%
$874,089
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$983.4K – $1.31M
NOI $78,668 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.22M
$1.07M – $1.42M
NOI $85,366 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,847
Businesses Nearby
Explore this area
Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated residences include in-unit laundry in seven apartments and refreshed interiors throughout.
Where is this apartment building located?
The property is located at 328 W 8th St Long Beach, CA.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Eight studio apartments, each with renovated interiors; Seven units include in‑unit washers and dryers; Electrical subpanels updated in 2024; reported 200‑amp main service, subject to buyer verification
