Apartment Building Across From
For Sale
$3,750,000
3637 East Ocean Boulevard, Long Beach, CA 90803
Fully occupied apartment property with studio and one-bedroom layouts, garages, and on-site community laundry.
Property Size6,446 SF
Price / SF$581.76
Days on Market204
Property Features for 3637 East Ocean Boulevard
General Information
Standard status
Active
Size
6,446 SF
Total Parking Spaces
10
Property subtype
Commercial Sale / Multi Family
Net Operating Income
$130,130
Building Details
Year Built
1942
Buildings
1
Listing Agency:
Flynn Investments
Listed By:
Patti Flynn · License #00456943
(562) 896-1473
Source:
Compass
Added: Feb 11
Changed: Aug 31
Last Checked: Aug 30 at 5:54AM
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 Flynn Investments
Investment Insights
Based on property information with market context.
Located at 3637 East Ocean Boulevard in Long Beach, this 1942 apartment building contains eight residential units: four one-bedroom, one-bath residences and four studios with one bath. The property is fully occupied and includes ten on-site garages, parking spaces in front of the garages, and community laundry facilities.
Recent improvements include electrical upgrades and installation of a new 100-gallon water heater in 2025. The building is positioned across from the beach and Bluff Park. The broader offering also includes properties on East 2nd Street, Grand Avenue, Redondo Avenue, and Farquhar Avenue, with portfolio or individual sales considered.
Recent improvements include electrical upgrades and installation of a new 100-gallon water heater in 2025. The building is positioned across from the beach and Bluff Park. The broader offering also includes properties on East 2nd Street, Grand Avenue, Redondo Avenue, and Farquhar Avenue, with portfolio or individual sales considered.
Key Highlights
- Eight residential units: four one‑bedroom and four studio apartments
- Fully occupied apartment property across from the beach and Bluff Park
- Ten on‑site garages with parking space in front
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
$123,270
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
3.29%
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%
$2,465,400
$2.5M
Cap Rate 7%
$1,761,000
$1.8M
Cap Rate 9%
$1,369,667
$1.4M
Market Conditions
NOI Build-Up for 6,446 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
$235.9K $36.60/SF
− Vacancy
−$11.8K −$1.83/SF
EGI
$224.1K $34.77/SF
− OpEx
−$100.9K −$15.65/SF
NOI
$123.3K $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%
$2,465,400
Cap Rate 7%
$1,761,000
Cap Rate 9%
$1,369,667
Alternative Uses
Best Use
Apartment 5plus
$1.76M
$1.54M – $2.05M
NOI $123,270 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.03M
NOI $241,581 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
967
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
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 - Fully occupied apartment property with studio and one-bedroom layouts, garages, and on-site community laundry.
Where is this apartment building located?
The property is located at 3637 East Ocean Boulevard Long Beach, CA.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Eight residential units: four one‑bedroom and four studio apartments; Fully occupied apartment property across from the beach and Bluff Park; Ten on‑site garages with parking space in front
