Updated Three-Unit Residential
For Sale
$969,000
531 N Virginia Court, Long Beach, CA 90802
Updated 3-unit property with remodeled units, newer roofs, and plumbing upgrades, positioned near downtown and the ocean.
Property Size1,987 SF
Days on Market64
Property Features for 531 N Virginia Court
General Information
Standard status
Active
Size
1,987 SF
Total Parking Spaces
1
Property subtype
Residential Income
Zoning
LBPD30
Net Operating Income
$60,623
Amenities
Park
Wall Furnace
Dishwasher, Gas Range, Microwave, Refrigerator, Water Heater
Ceiling Fan(s), Recessed Lighting
Vinyl
Bungalow
Building Details
Building Size
1,987 SF
Year Built
1908
Buildings
3
Stories
1
Listing Agency:
Buckingham Investments, Inc.
Listed By:
Jeffrey Isenberg · License #02059354
(310) 982-7055
Source:
Evrealestate
Added: Jul 16
Changed: Sep 10
Last Checked: Sep 16 at 1:26PM
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 Buckingham Investments, Inc.
Investment Insights
Based on property information with market context.
An updated three-unit residential income property offering remodeled units as part of recent capital expenditures, including newer roofs and plumbing upgrades. The building is configured as a 3-unit multifamily asset suitable for income-focused ownership.
The property is located in Long Beach, within about 1/2 mile of the downtown core and within about 1 mile of the ocean. It is also described as minutes from major transportation routes including the 710 and 405 freeways and the Metro Blue Line.
According to the provided remarks, the surrounding area includes Long Beach Civic Center, Queen Mary Island, and the West Gateway, with additional nearby recreation options identified as Alamitos Beach, Golden & Lincoln Park, and Shoreline Village.
The property is located in Long Beach, within about 1/2 mile of the downtown core and within about 1 mile of the ocean. It is also described as minutes from major transportation routes including the 710 and 405 freeways and the Metro Blue Line.
According to the provided remarks, the surrounding area includes Long Beach Civic Center, Queen Mary Island, and the West Gateway, with additional nearby recreation options identified as Alamitos Beach, Golden & Lincoln Park, and Shoreline Village.
Key Highlights
- Updated 3‑unit property with remodeled units.
- Recent cap ex includes newer roofs.
- Recent cap ex includes plumbing upgrades.
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
$42,722
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
4.41%
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%
$854,440
$854.4K
Cap Rate 7%
$610,314
$610.3K
Cap Rate 9%
$474,689
$474.7K
Market Conditions
NOI Build-Up for 1,987 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
$64.4K $32.40/SF
− Vacancy
−$3.3K −$1.68/SF
EGI
$61.0K $30.72/SF
− OpEx
−$18.3K −$9.21/SF
NOI
$42.7K $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%
$854,440
Cap Rate 7%
$610,314
Cap Rate 9%
$474,689
Alternative Uses
Best Use
Multifamily LT 5
$610.3K
$534.0K – $712.0K
NOI $42,722 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$542.8K
$475.0K – $633.3K
NOI $37,998 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$1.06M
$930.9K – $1.24M
NOI $74,468 @ 7.0% cap · market cap 7.69%
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
5,886
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
Check the figures for this property
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?
Triplex - Updated 3-unit property with remodeled units, newer roofs, and plumbing upgrades, positioned near downtown and the ocean.
Where is this triplex located?
The property is located at 531 N Virginia Court Long Beach, CA.
What is the asking price?
The asking price for this property is $969,000.
What are key features of this property?
This property features: Updated 3‑unit property with remodeled units.; Recent cap ex includes newer roofs.; Recent cap ex includes plumbing upgrades.
