Historic Spanish-Style Income
For Sale
$2,795,000
3409 E 2nd Street, Long Beach, CA 90803
Charming four-unit property in Bluff Park, near the beach.
Property Size4,210 SF
Days on Market148
Property Features for 3409 E 2nd Street
General Information
Standard status
Active
Size
4,210 SF
Property subtype
Quadruplex
Building Details
Building Size
4,210 SF
Year Built
1924
Listing Agency:
Compass
Listed By:
Loree Scarborough · License #01257913
(562) 494-4600
Source:
Velocityrealtysd
Added: Apr 21
Changed: Sep 13
Last Checked: Sep 14 at 10:32AM
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
Investment Insights
Based on property information with market context.
This well-maintained, four-unit Spanish-style property is located in Bluff Park, directly across from Trolley Park and two blocks from the beach. The property includes a spacious 4-bedroom, 2.5-bath owner’s unit featuring a two-car garage, fireplace, HVAC, whole-house stereo system, private laundry, and a secluded patio with built-in seating and BBQ. There are also three additional one-bedroom, one-bath units, each with a dedicated office space, updated kitchens and baths, and hardwood flooring. The property has four garages with built-in storage, multiple outdoor spaces, private patios for each unit, and a shared courtyard with fountains and landscaping. Major improvements include extensive renovations to the front building and garages, with updated plumbing and electrical throughout. Original architectural details, such as hardwood floors, living room built-ins, and crown molding, have been carefully restored. Three of the one-bedroom units are currently tenant-occupied on month-to-month leases. The property's coastal setting drives strong rental demand and low vacancy. It is located moments from the shops and restaurants of Broadway, Belmont Shore, and the ocean corridor. The property is ideal for an investor or owner-user seeking a character-rich coastal income property with upside potential. The location has a walk score of 90, making it a walker's paradise, a bike score of 58, making it bikeable, and a transit score of 50, indicating good transit.
Key Highlights
- Prime Bluff Park location: Directly across from Trolley Park and two blocks from the beach.
- Spacious 4‑bedroom owner's unit with 2‑car garage, fireplace, HVAC, private laundry, and secluded patio.
- Three additional one‑bedroom units, each with dedicated office space, updated kitchens/baths, and hardwood flooring.
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
$90,518
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
3.24%
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%
$1,810,360
$1.8M
Cap Rate 7%
$1,293,114
$1.3M
Cap Rate 9%
$1,005,756
$1.0M
Market Conditions
NOI Build-Up for 4,210 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
$136.4K $32.40/SF
− Vacancy
−$7.1K −$1.68/SF
EGI
$129.3K $30.72/SF
− OpEx
−$38.8K −$9.21/SF
NOI
$90.5K $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%
$1,810,360
Cap Rate 7%
$1,293,114
Cap Rate 9%
$1,005,756
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,518 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,510 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$2.25M
$1.97M – $2.63M
NOI $157,781 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,371
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
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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?
Quadplex - Charming four-unit property in Bluff Park, near the beach.
Where is this quadplex located?
The property is located at 3409 E 2nd Street Long Beach, CA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Prime Bluff Park location: Directly across from Trolley Park and two blocks from the beach.; Spacious 4‑bedroom owner's unit with 2‑car garage, fireplace, HVAC, private laundry, and secluded patio.; Three additional one‑bedroom units, each with dedicated office space, updated kitchens/baths, and hardwood flooring.
