Two-Story Apartment
For Sale
$3,000,000
5503 Cherry Ave, Long Beach, CA 90805
Garden-style multifamily property with a central courtyard, gated access, on-site laundry, and predominantly one-bedroom units.
Property Size9,250 SF
Lot Size0.28 Acres
Days on Market14
Property Features for 5503 Cherry Ave
General Information
Standard status
Active
Size
9,250 SF
Net Rentable
9,250 SF
Total Parking Spaces
13
Lot size
0.28 Acres
Property subtype
Multifamily
Units
Unit Mix
1 x studio, 15 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
17
Additional Details
Cap Rate
5.17%
Amenities
gated access
security doors
on-site laundry
ceiling fans
central courtyard
Location & Scale: 17-unit multifamily investment property in Long Beach, CA.
Strong Unit Mix: Predominantly one-bedroom units (15 1BD/1BA, 1 2BD/1BA, 1 Studio).
Property Size: 9,250 net rentable square feet situated on a 0.28-acre parcel.
Recent Cap Ex: $85,000 in major capital improvements completed in 2025.
Infrastructure Upgrade: Includes a $52,000 electrical system and panel modernization.
Lower Operating Costs: $33,000 former pool removal eliminates high maintenance liabilities.
Tenant Amenities: Gated access, security doors, ceiling fans, and on-site laundry.
Parking & Grounds: 13 on-site parking spaces and a spacious, walk-up central courtyard.
Building Details
Building Size
9,250 SF
Year Built
1960
Stories
2
Units
17
Construction
garden-style
Listing Agency:
Marcus & Millichap - Orange County
(949) 419-3333
Listed By:
Nick Kazemi · License #License(s): CA: 02008945
(949) 419-3333
Source:
Marcusmillichap
Added: Aug 14
Changed: Aug 25
Last Checked: Aug 26 at 5:41AM
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 Marcus & Millichap - Orange County
Investment Insights
Based on property information with market context.
This 17-unit apartment property at 5503–5511 Cherry Avenue comprises approximately 9,250 net rentable square feet on a 0.28-acre parcel. Built in 1960, the two-story garden-style layout centers on a courtyard and provides exterior walk-up access to the upper-level residences. The unit mix includes 1 studio, 15 one-bedroom/one-bath units, and 1 two-bedroom/one-bath unit.
Property features include gated entry, security doors, on-site laundry, ceiling fans, 12 surface parking spaces, and 1 garage space. Capital improvements completed in 2025 included an electrical system upgrade with panel replacements and removal of the former swimming pool, followed by installation of a concrete surface. The property is located in Long Beach, California, with the address listed as 5503 Cherry Ave, Long Beach, CA 90805.
Property features include gated entry, security doors, on-site laundry, ceiling fans, 12 surface parking spaces, and 1 garage space. Capital improvements completed in 2025 included an electrical system upgrade with panel replacements and removal of the former swimming pool, followed by installation of a concrete surface. The property is located in Long Beach, California, with the address listed as 5503 Cherry Ave, Long Beach, CA 90805.
Key Highlights
- 17‑unit apartment property with approximately 9,250 net rentable square feet
- Unit mix includes 1 studio, 15 one‑bedroom/one‑bath units, and 1 two‑bedroom/one‑bath unit
- 0.28‑acre parcel with a central courtyard and exterior walk‑up 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
$154,502
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
5.15%
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%
$3,090,040
$3.1M
Cap Rate 7%
$2,207,171
$2.2M
Cap Rate 9%
$1,716,689
$1.7M
Market Conditions
NOI Build-Up for 9,250 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
$294.2K $31.80/SF
− Vacancy
−$13.2K −$1.43/SF
EGI
$280.9K $30.37/SF
− OpEx
−$126.4K −$13.67/SF
NOI
$154.5K $16.70/SF
Area
ZIP 90805
Vacancy
4.50%
Lease Rate
$31.80 /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%
$3,090,040
Cap Rate 7%
$2,207,171
Cap Rate 9%
$1,716,689
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,502 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,939 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
1,125
Businesses Nearby
Explore this area
Business Placement
Demographics for 90805, CA
95,350
Population
28,954
Households
3.3
Avg Household Size
34
Median Age
18%
College-Educated
74%
High-School Grad
7.4 sq mi
ZIP Area
12,885
Density / Sq Mi
$68,615
Median Household Income
$34,948
Median Earnings
$1,664
Median Rent
$588,500
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 - Garden-style multifamily property with a central courtyard, gated access, on-site laundry, and predominantly one-bedroom units.
Where is this apartment building located?
The property is located at 5503 Cherry Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 17‑unit apartment property with approximately 9,250 net rentable square feet; Unit mix includes 1 studio, 15 one‑bedroom/one‑bath units, and 1 two‑bedroom/one‑bath unit; 0.28‑acre parcel with a central courtyard and exterior walk‑up access
