Updated Multifamily
For Sale
$999,995
Pending
485 Gaviota, Long Beach, CA 90802
Three residential units feature refreshed interiors, private outdoor areas, and in-unit laundry equipment.
Property Size1,978 SF
Days on Market135
Property Features for 485 Gaviota
General Information
Standard status
Pending
Size
1,978 SF
Property subtype
Investment
Building Details
Building Size
1,978 SF
Year Built
1923
Units
3
Listed By:
Tim Patterson
Source:
Elliman
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 29 at 3:09PM
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 Tim Patterson
Investment Insights
Based on property information with market context.
This multifamily property combines a separate cottage with a duplex configuration and includes three residential units. Interior and exterior improvements completed from 11/25 through 1/26 include new paint and LVP flooring throughout, along with fresh bathroom tile in one residence. The 1923 property also has a roof replaced in 2025 and was termite tented in 2024.
Each unit includes a new, unused washer and dryer, a walk-in closet, built-in storage, and a living-room cabinet with a drop-down desk. Original cabinets remain, while the hardware has been refinished. Outdoor features include a private patio, lawn areas, and new black metal fencing along the side perimeter. The property is located at 485 Gaviota, Long Beach, CA 90802, with a Walk Score of 90, Bike Score of 92, and Transit Score of 51.
Each unit includes a new, unused washer and dryer, a walk-in closet, built-in storage, and a living-room cabinet with a drop-down desk. Original cabinets remain, while the hardware has been refinished. Outdoor features include a private patio, lawn areas, and new black metal fencing along the side perimeter. The property is located at 485 Gaviota, Long Beach, CA 90802, with a Walk Score of 90, Bike Score of 92, and Transit Score of 51.
Key Highlights
- Separate cottage and duplex configuration with three residential units
- Interior and exterior improvements completed from 11/25 through 1/26
- Roof replaced in 2025; property termite tented in 2024
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
$42,528
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
4.25%
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%
$850,560
$850.6K
Cap Rate 7%
$607,543
$607.5K
Cap Rate 9%
$472,533
$472.5K
Market Conditions
NOI Build-Up for 1,978 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
$64.1K $32.40/SF
− Vacancy
−$3.3K −$1.68/SF
EGI
$60.8K $30.72/SF
− OpEx
−$18.2K −$9.21/SF
NOI
$42.5K $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%
$850,560
Cap Rate 7%
$607,543
Cap Rate 9%
$472,533
Alternative Uses
Best Use
Multifamily LT 5
$607.5K
$531.6K – $708.8K
NOI $42,528 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$540.4K
$472.8K – $630.4K
NOI $37,826 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$1.06M
$926.6K – $1.24M
NOI $74,131 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,932
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three residential units feature refreshed interiors, private outdoor areas, and in-unit laundry equipment.
Where is this multifamily property located?
The property is located at 485 Gaviota Long Beach, CA.
What is the asking price?
The asking price for this property is $999,995.
What are key features of this property?
This property features: Separate cottage and duplex configuration with three residential units; Interior and exterior improvements completed from 11/25 through 1/26; Roof replaced in 2025; property termite tented in 2024
