6-Unit Apartment
For Sale
$1,850,000
729 Freeman Ave, Long Beach, CA 90804
Multifamily property with gated entry, private outdoor spaces, on-site laundry, and garage parking.
Property Size5,319 SF
Lot Size0.15 Acres
Days on Market13
Property Features for 729 Freeman Ave
General Information
Standard status
Active
Size
5,319 SF
Net Rentable
5,319 SF
Total Parking Spaces
6
Lot size
0.15 Acres
Property subtype
Multifamily
Units
Unit Mix
2 x 1BR/1BA, 3 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
6
Amenities
gated access
security doors
on-site laundry facility
private patios
private balconies
Prime Coastal Location: Well-maintained 6-unit investment situated in Eastside Long Beach, near Rose Park and the coast.
Desirable Unit Mix: Features (2) 1-bed/1-bath, (3) 2-bed/1-bath, and (1) spacious 3-bed/2-bath units.
Solid Property Specs: Built in 1978, featuring 5,319 net rentable square feet situated on a 0.15-acre parcel.
Premium Parking: Includes six secure garage parking spaces, two of which offer the convenience of direct unit access.
Community Amenities: Residents benefit from secure gated access, security doors, and a dedicated on-site laundry facility.
Private Outdoor Spaces: Unit appeal is enhanced with highly sought-after private patios and balconies.
Exceptional Walkability: Highly walkable location close to Downtown Long Beach, local retail, dining, and entertainment.
Major Educational Hubs: Convenient access to California State University, Long Beach (CSULB) and Long Beach City College.
Building Details
Building Size
5,319 SF
Year Built
1978
Units
6
Listed By:
Evan Gray · License #License(s): CA: 02195794
(949) 419-3227
Source:
Marcusmillichap
Added: Aug 22
Changed: Aug 29
Last Checked: Sep 2 at 1:36PM
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 Evan Gray
Investment Insights
Based on property information with market context.
This 6-unit apartment building, completed in 1978, contains approximately 5,319 net rentable square feet on a 0.15-acre parcel. The unit mix includes 2 one-bedroom/one-bath units, 3 two-bedroom/one-bath units, and 1 three-bedroom/two-bath unit. Property features include controlled gated entry, security doors, an on-site laundry facility, and six garage parking spaces, including two with direct access. Individual units offer private patios or balconies.
The property is located at 729 Freeman Ave in Long Beach, California, near Rose Park. The surrounding area provides access to the coast, Downtown Long Beach, California State University, Long Beach City College, and local retail, dining, and entertainment. The location is also described as highly walkable.
The property is located at 729 Freeman Ave in Long Beach, California, near Rose Park. The surrounding area provides access to the coast, Downtown Long Beach, California State University, Long Beach City College, and local retail, dining, and entertainment. The location is also described as highly walkable.
Key Highlights
- 6‑unit apartment property built in 1978
- Approximately 5,319 net rentable square feet on a 0.15‑acre parcel
- Unit mix: 2 one‑bedroom/one‑bath, 3 two‑bedroom/one‑bath, and 1 three‑bedroom/two‑bath units
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
$101,718
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
5.50%
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%
$2,034,360
$2.0M
Cap Rate 7%
$1,453,114
$1.5M
Cap Rate 9%
$1,130,200
$1.1M
Market Conditions
NOI Build-Up for 5,319 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
$194.7K $36.60/SF
− Vacancy
−$9.7K −$1.83/SF
EGI
$184.9K $34.77/SF
− OpEx
−$83.2K −$15.65/SF
NOI
$101.7K $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%
$2,034,360
Cap Rate 7%
$1,453,114
Cap Rate 9%
$1,130,200
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.70M
NOI $101,718 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.49M – $3.32M
NOI $199,344 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,626
Businesses Nearby
Explore this area
Business Placement
Demographics for 90804, CA
39,370
Population
15,998
Households
2.5
Avg Household Size
33
Median Age
30%
College-Educated
75%
High-School Grad
2.2 sq mi
ZIP Area
17,895
Density / Sq Mi
$68,940
Median Household Income
$38,914
Median Earnings
$1,801
Median Rent
$673,600
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 - Multifamily property with gated entry, private outdoor spaces, on-site laundry, and garage parking.
Where is this apartment building located?
The property is located at 729 Freeman Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 6‑unit apartment property built in 1978; Approximately 5,319 net rentable square feet on a 0.15‑acre parcel; Unit mix: 2 one‑bedroom/one‑bath, 3 two‑bedroom/one‑bath, and 1 three‑bedroom/two‑bath units
