Two-Building Craftsman Apartment
For Sale
$1,850,000
833 Cedar Ave, Long Beach, CA 90813
Eight-unit craftsman building with recent plumbing and vinyl windows; tenants pay electricity for heating.
Property Size6,494 SF
Lot Size0.17 Acres
Price / SF$284.88
Days on Market182
Property Features for 833 Cedar Ave
General Information
Standard status
Active
Size
6,494 SF
Lot size
0.17 Acres
Property subtype
Commercial/Industrial
Zoning
LBPD10
Additional Details
Cap Rate
9%
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$14,854
Building Details
Year Built
1931
Listing Agency:
Keller Williams Pacific Estates
(562) 355-8060
Listed By:
Julio Bonilla · License #01281205
(562) 355-8060
Source:
Exitrealty
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 13 at 9:34AM
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 Keller Williams Pacific Estates
Investment Insights
Based on property information with market context.
This for-sale multifamily property includes two buildings totaling eight apartment units. The improvements feature 100% new plumbing installed approximately three to four years ago and new vinyl windows throughout. The building has been converted to electric heaters, with tenants paying their own heating costs through electricity.
The property is located at 833 Cedar Ave in Long Beach, California, on a 7,506 square foot lot. It is identified as LBPD10, a planning district that supports flexible development possibilities under the City’s land use regulations.
For buyers seeking an income-oriented apartment asset, the combination of an eight-unit configuration, meaningful interior upgrades, and tenant-paid heating via electricity can support practical day-to-day operations. The two-building layout and recent building updates may also appeal to investors evaluating residential income property options in Long Beach.
The property is located at 833 Cedar Ave in Long Beach, California, on a 7,506 square foot lot. It is identified as LBPD10, a planning district that supports flexible development possibilities under the City’s land use regulations.
For buyers seeking an income-oriented apartment asset, the combination of an eight-unit configuration, meaningful interior upgrades, and tenant-paid heating via electricity can support practical day-to-day operations. The two-building layout and recent building updates may also appeal to investors evaluating residential income property options in Long Beach.
Key Highlights
- 8‑unit apartment building (Year built 1931) in Downtown Long Beach with 6,494 SF across two buildings
- 7,506 SF lot with a robust unit count and substantial building size for income‑focused buyers
- 100% new plumbing installed 3 to 4 years ago
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
$137,552
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
7.44%
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%
$2,751,040
$2.8M
Cap Rate 7%
$1,965,029
$2.0M
Cap Rate 9%
$1,528,356
$1.5M
Market Conditions
NOI Build-Up for 6,494 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
$261.1K $40.20/SF
− Vacancy
−$11.0K −$1.69/SF
EGI
$250.1K $38.51/SF
− OpEx
−$112.5K −$17.33/SF
NOI
$137.6K $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%
$2,751,040
Cap Rate 7%
$1,965,029
Cap Rate 9%
$1,528,356
Alternative Uses
Best Use
Apartment 5plus
$1.97M
$1.72M – $2.29M
NOI $137,552 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.13M
$1.87M – $2.49M
NOI $149,263 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
5,886
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit craftsman building with recent plumbing and vinyl windows; tenants pay electricity for heating.
Where is this apartment building located?
The property is located at 833 Cedar 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: 8‑unit apartment building (Year built 1931) in Downtown Long Beach with 6,494 SF across two buildings; 7,506 SF lot with a robust unit count and substantial building size for income‑focused buyers; 100% new plumbing installed 3 to 4 years ago
