10-Unit Apartment
For Sale
$2,495,000
437 Bonito, Long Beach, CA 90802
Well-maintained multifamily property with a varied unit mix and dedicated garage and carport parking.
Property Size6,016 SF
Days on Market136
Property Features for 437 Bonito
General Information
Standard status
Active
Size
6,016 SF
Total Parking Spaces
9
Property subtype
Apartment
Financials
Cap Rate
5.71%
Gross Income
$217,068
Units
Unit Mix
9 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
10
Building Details
Building Size
6,016 SF
Year Built
1962
Stories
2
Listing Agency:
Pabst, Kinney & Associates
Listed By:
Spencer Pabst · License #01849377
(562) 884-6875
Source:
Nolanrossre.kw
Added: May 5
Changed: Sep 13
Last Checked: Sep 16 at 1:01PM
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 Pabst, Kinney & Associates
Investment Insights
Based on property information with market context.
This well-maintained apartment property contains 10 units, comprising 9 one-bedroom, one-bath residences and 1 two-bedroom, one-bath residence. On-site parking includes 6 single-car garages and 3 carport spaces, providing dedicated vehicle storage for residents. The building was constructed in 1962.
The property is located in the Alamitos Beach neighborhood of Long Beach, just blocks from the beach, dining, and retail. The surrounding setting is described as highly walkable, with established residential and commercial amenities nearby.
Current operations reflect a 5.71% cap rate on current income. The asset has been held by the same ownership for 36 years, and rental increases are identified as effective July 1, 2026.
The property is located in the Alamitos Beach neighborhood of Long Beach, just blocks from the beach, dining, and retail. The surrounding setting is described as highly walkable, with established residential and commercial amenities nearby.
Current operations reflect a 5.71% cap rate on current income. The asset has been held by the same ownership for 36 years, and rental increases are identified as effective July 1, 2026.
Key Highlights
- 10‑unit apartment property with 9 one‑bedroom units and 1 two‑bedroom unit
- 6 single‑car garages and 3 carport spaces
- 5.71% cap rate on current income
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
$115,047
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
4.61%
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%
$2,300,940
$2.3M
Cap Rate 7%
$1,643,529
$1.6M
Cap Rate 9%
$1,278,300
$1.3M
Market Conditions
NOI Build-Up for 6,016 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
$220.2K $36.60/SF
− Vacancy
−$11.0K −$1.83/SF
EGI
$209.2K $34.77/SF
− OpEx
−$94.1K −$15.65/SF
NOI
$115.0K $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%
$2,300,940
Cap Rate 7%
$1,643,529
Cap Rate 9%
$1,278,300
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.44M – $1.92M
NOI $115,047 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,466 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
3,484
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property with a varied unit mix and dedicated garage and carport parking.
Where is this apartment building located?
The property is located at 437 Bonito Long Beach, CA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 10‑unit apartment property with 9 one‑bedroom units and 1 two‑bedroom unit; 6 single‑car garages and 3 carport spaces; 5.71% cap rate on current income
