Renovated 22-Unit Apartment
New
For Sale
$4,400,000
445 E 3rd, Long Beach, CA 90802
Fully renovated interiors paired with upgraded common areas, keypads, landscaping, and exterior turf.
Property Size12,150 SF
Days on Market7
Property Features for 445 E 3rd
General Information
Standard status
Active
Size
12,150 SF
Property subtype
Mixed Use
Financials
Cap Rate
5.84%
Gross Rent Multiplier
10.1
Units
Unit Mix
14 x studio, 8 x 1BD/1BA
Multifamily Units
22
Building Details
Building Size
12,150 SF
Year Built
1922
Listing Agency:
Keller Williams Realty Downey
(310) 463-2916
Listed By:
Robert Stepp · License #01456379
Source:
Velocityrealtysd
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 11 at 1:09PM
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 Keller Williams Realty Downey
Investment Insights
Based on property information with market context.
Built in 1922, this 22-unit apartment property includes 14 studios and 8 one-bedroom, one-bath residences. All unit interiors have been renovated with updated fixtures and finishes, while improvements to the shared areas include refreshed hallways, stairwells, and keypad access. Exterior work includes new turf and landscaping.
The property is located in Long Beach’s East Village Arts District within Downtown Long Beach. The surrounding submarket is described as dense and walkable, with proximity to employment, transit, and lifestyle amenities. Its efficient studio and one-bedroom configuration provides a clearly defined multifamily layout in an established urban setting.
The property is located in Long Beach’s East Village Arts District within Downtown Long Beach. The surrounding submarket is described as dense and walkable, with proximity to employment, transit, and lifestyle amenities. Its efficient studio and one-bedroom configuration provides a clearly defined multifamily layout in an established urban setting.
Key Highlights
- 22‑unit apartment property with 14 studios and 8 one‑bedroom, one‑bath units
- All apartment interiors renovated with updated fixtures and finishes
- Upgraded hallways, stairwells, and keypad access
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
$232,351
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
5.28%
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%
$4,647,020
$4.6M
Cap Rate 7%
$3,319,300
$3.3M
Cap Rate 9%
$2,581,678
$2.6M
Market Conditions
NOI Build-Up for 12,150 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
$444.7K $36.60/SF
− Vacancy
−$22.2K −$1.83/SF
EGI
$422.5K $34.77/SF
− OpEx
−$190.1K −$15.65/SF
NOI
$232.4K $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 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%
$4,647,020
Cap Rate 7%
$3,319,300
Cap Rate 9%
$2,581,678
Alternative Uses
Best Use
Apartment 5plus
$3.32M
$2.90M – $3.87M
NOI $232,351 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.51M
$5.69M – $7.59M
NOI $455,354 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
5,511
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
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 renovated interiors paired with upgraded common areas, keypads, landscaping, and exterior turf.
Where is this apartment building located?
The property is located at 445 E 3rd Long Beach, CA.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: 22‑unit apartment property with 14 studios and 8 one‑bedroom, one‑bath units; All apartment interiors renovated with updated fixtures and finishes; Upgraded hallways, stairwells, and keypad access
