Improved 16-Unit Apartment
New
For Sale
$2,900,000
820 Cedar Avenue, Long Beach, CA 90813
Controlled access, interior hallways, laundry, and garage parking support daily resident convenience.
Property Size10,584 SF
Days on Market5
Property Features for 820 Cedar Avenue
General Information
Standard status
Active
Size
10,584 SF
Net Rentable
10,584 SF
Total Parking Spaces
6
Property subtype
Apartment
Units
Unit Mix
12 x studio, 4 x 1BR/1BA
Multifamily Units
16
Additional Details
Highway Access
Yes
Amenities
controlled-access
on-site laundry facility
Building Details
Building Size
10,584 SF
Year Built
1928
Listing Agency:
Marcus & Millichap RE Invest
Listed By:
Tyler Leeson · License #01451551
(949) 419-3200
Source:
Velocityrealtysd
Added: Sep 17
Changed: Sep 20
Last Checked: Sep 20 at 2:20PM
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 RE Invest
Investment Insights
Based on property information with market context.
Built in 1928, this 16-unit apartment property provides approximately 10,584 square feet of net rentable area. The unit mix includes 12 studios and 4 one-bedroom, one-bath residences, arranged along interior hallways within a controlled-access building. An on-site laundry facility and 6 garage parking spaces add practical resident amenities.
Building improvements include new kitchens and bathrooms in every unit, with 14 of the 16 residences reconstructed down to the studs. Plumbing has been upgraded to copper, and 13 units have received new electrical subpanels.
The property is near Downtown Long Beach and the East Village Arts District, with access to dining, entertainment, employment destinations, Shoreline Marina, the waterfront, and nearby beaches. I-710 provides regional connectivity, while the Ports of Long Beach and Los Angeles are also accessible from the property.
Building improvements include new kitchens and bathrooms in every unit, with 14 of the 16 residences reconstructed down to the studs. Plumbing has been upgraded to copper, and 13 units have received new electrical subpanels.
The property is near Downtown Long Beach and the East Village Arts District, with access to dining, entertainment, employment destinations, Shoreline Marina, the waterfront, and nearby beaches. I-710 provides regional connectivity, while the Ports of Long Beach and Los Angeles are also accessible from the property.
Key Highlights
- 16‑unit property with 12 studios and 4 one‑bedroom, one‑bath units
- Approximately 10,584 square feet of net rentable area
- 14 of 16 units taken down to the studs during improvements
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
$224,184
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
7.73%
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%
$4,483,680
$4.5M
Cap Rate 7%
$3,202,629
$3.2M
Cap Rate 9%
$2,490,933
$2.5M
Market Conditions
NOI Build-Up for 10,584 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
$425.5K $40.20/SF
− Vacancy
−$17.9K −$1.69/SF
EGI
$407.6K $38.51/SF
− OpEx
−$183.4K −$17.33/SF
NOI
$224.2K $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%
$4,483,680
Cap Rate 7%
$3,202,629
Cap Rate 9%
$2,490,933
Alternative Uses
Best Use
Apartment 5plus
$3.20M
$2.80M – $3.74M
NOI $224,184 @ 7.0% cap · market cap 7.73%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.48M
$3.04M – $4.05M
NOI $243,271 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,847
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
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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?
Apartment building - Controlled access, interior hallways, laundry, and garage parking support daily resident convenience.
Where is this apartment building located?
The property is located at 820 Cedar Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 16‑unit property with 12 studios and 4 one‑bedroom, one‑bath units; Approximately 10,584 square feet of net rentable area; 14 of 16 units taken down to the studs during improvements
