Renovated 8-Unit Multifamily
For Sale
Contact for pricing
Pending
755 Gaviota Avenue, Long Beach, CA 90813
Well-maintained 1987-built property with eight renovated two-bedroom, two-bath units, each with in-unit laundry and private balconies.
Property Size6,640 SF
Days on Market128
Property Features for 755 Gaviota Avenue
General Information
Standard status
Pending
Size
6,640 SF
Total Parking Spaces
14
Property subtype
Multifamily
Zoning
Public Rec
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1987
Buildings
1
Stories
3
Units
8
Tenancy
Multi
Listing Agency:
Morgan Skenderian Investment Real Estate Group
Listed By:
Rick Applebaum · License #CA 01273871
Source:
Crexi
Added: May 12
Changed: Sep 11
Last Checked: Sep 15 at 6:35AM
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 Morgan Skenderian Investment Real Estate Group
Investment Insights
Based on property information with market context.
This well-maintained 8-unit multifamily property was built in 1987 and is configured exclusively with two-bedroom, two-bath units. All eight units have been extensively renovated with brand-new flooring, updated countertops, and modern stainless steel kitchen appliances, including a refrigerator, stove/oven, and dishwasher. Each unit also includes in-unit washers and dryers, private balconies, and ceiling fans.
The property includes separate APNs for each unit, offering flexibility for a future buyer. The asset is also not subject to statewide or local rent control, and the current ownership has implemented a RUBS program that generates additional income. On-site amenities include a secured parking garage and controlled access.
Overall, the building’s unit mix, renovation scope, and controlled-entry parking support a turnkey residential income setup for buyers seeking an 8-unit asset.
The property includes separate APNs for each unit, offering flexibility for a future buyer. The asset is also not subject to statewide or local rent control, and the current ownership has implemented a RUBS program that generates additional income. On-site amenities include a secured parking garage and controlled access.
Overall, the building’s unit mix, renovation scope, and controlled-entry parking support a turnkey residential income setup for buyers seeking an 8-unit asset.
Key Highlights
- 8‑unit multifamily built in 1987 in Long Beach with exclusively 2‑bedroom, 2‑bath units
- All eight units renovated with new flooring, updated countertops, and stainless steel kitchen appliances (refrigerator, stove/oven, dishwasher)
- Each unit includes in‑unit washer and dryer, private balcony, and ceiling fans
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
$140,644
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
4.89%
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%
$2,812,880
$2.8M
Cap Rate 7%
$2,009,200
$2.0M
Cap Rate 9%
$1,562,711
$1.6M
Market Conditions
NOI Build-Up for 6,640 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
$266.9K $40.20/SF
− Vacancy
−$11.2K −$1.69/SF
EGI
$255.7K $38.51/SF
− OpEx
−$115.1K −$17.33/SF
NOI
$140.6K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /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%
$2,812,880
Cap Rate 7%
$2,009,200
Cap Rate 9%
$1,562,711
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.34M
NOI $140,644 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.18M
$1.91M – $2.54M
NOI $152,619 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,219
Businesses Nearby
Explore this area
Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 1987-built property with eight renovated two-bedroom, two-bath units, each with in-unit laundry and private balconies.
Where is this apartment building located?
The property is located at 755 Gaviota Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $2,875,000.
What are key features of this property?
This property features: 8‑unit multifamily built in 1987 in Long Beach with exclusively 2‑bedroom, 2‑bath units; All eight units renovated with new flooring, updated countertops, and stainless steel kitchen appliances (refrigerator, stove/oven, dishwasher); Each unit includes in‑unit washer and dryer, private balcony, and ceiling fans
