Long Beach 9-Unit Investment
For Sale
$1,650,000
Pending
617 West 3rd Street, Long Beach, CA 90802
9-unit property in vibrant Long Beach, CA. Fully rented.
Property Size7,190 SF
Days on Market221
Property Features for 617 West 3rd Street
General Information
Standard status
Pending
Size
7,190 SF
Property subtype
Mixed Use
Site & Location
Neighborhood
West Village
Building Details
Building Size
7,190 SF
Year Built
1921
Stories
2
Listing Agency:
Century 21 Masters
Listed By:
Melinda Elmer · License #01399946
(562) 316-2915
Source:
Nolanrossre.kw
Added: Mar 27
Changed: Nov 1
Last Checked: Nov 1 at 2:29AM
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 Century 21 Masters
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Investment Insights
Based on property information with market context.
This 9-unit property is located in Long Beach, CA, within the Downtown Long Beach corridor. The property is situated minutes from the waterfront, Pine Avenue, and major employment hubs. The location benefits from rental demand driven by lifestyle and location. Long Beach is experiencing sustained growth due to redevelopment, proximity to ports, and accessibility to Los Angeles and Orange County. The area attracts young professionals, students, and long-term residents seeking an urban coastal environment with walkability and transit access. The property includes two 4-unit apartment-style buildings and one Craftsman single-family residence with a detached 2-car garage situated between them. Several units have been recently upgraded, and utility improvements have been completed. The property is fully rented with long-term tenants and operates at approximately a 6.02% cap rate, offering stable in-place income with additional upside potential. The bike score is 61, making it bikeable, the walk score is 53, indicating it is somewhat walkable, and the transit score is 66, indicating good transit.
Key Highlights
- Prime location in Downtown Long Beach, near the waterfront, Pine Avenue, and major employment hubs.
- 9‑unit property consisting of two apartment buildings and a single‑family residence with a detached garage.
- Fully rented property operating at approximately a 6.02% cap rate, providing stable income.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$137,498
Cap Rate
8.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,749,960
$2.7M
Cap Rate 7%
$1,964,257
$2.0M
Cap Rate 9%
$1,527,756
$1.5M
Market Conditions
NOI Build-Up for 7,190 SF
Gross rent
$263.2K $36.60/SF
− Vacancy
−$13.2K −$1.83/SF
EGI
$250.0K $34.77/SF
− OpEx
−$112.5K −$15.65/SF
NOI
$137.5K $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 Rate 5%
$2,749,960
Cap Rate 7%
$1,964,257
Cap Rate 9%
$1,527,756
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.72M – $2.29M
NOI $137,498 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.85M
$3.37M – $4.49M
NOI $269,465 @ 7.0% cap · market cap 16.33%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
4,673
Businesses Nearby
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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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 9-unit property in vibrant Long Beach, CA. Fully rented.
Where is this apartment building located?
The property is located at 617 West 3rd Street Long Beach, CA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Prime location in Downtown Long Beach, near the waterfront, Pine Avenue, and major employment hubs.; 9‑unit property consisting of two apartment buildings and a single‑family residence with a detached garage.; Fully rented property operating at approximately a 6.02% cap rate, providing stable income.
