Six-Unit Apartment Building with
For Sale
$1,850,000
944 Pacific Ave, Long Beach, CA 90813
Recently converted multifamily property with updated systems, in-unit laundry, and controlled access.
Property Size4,583 SF
Days on Market8
Property Features for 944 Pacific Ave
General Information
Standard status
Active
Size
4,583 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 1BR/1BA, 1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
6
Additional Details
Cap Rate
5.43%
Amenities
controlled access
landscaped courtyard with patios
EV charger
in-unit laundry
mini splits
Turnkey Asset Not Subject to Rent Control: Converted from a creative office space in 2020, this six-unit building is not subject to rent control
Diverse Unit Mix: Four one-bed/one-baths, one two-bed/one-bath, and one two-bed/two-bath
Desirable Amenities: In-unit laundry, mini splits, modern finishes, landscaped courtyard with patios, controlled access, and on-site parking with E/V charging
Rental Upside: Current rents present 15 percent potential upside
Separately Metered for All Utilities: Tenants pay their own electric, gas, and water, keeping owner expenses to a minimum
Located in Downtown Long Beach: Conveniently near retail, major employers and attractions, and three blocks to the Metro E Line
Building Details
Building Size
4,583 SF
Year Renovated
2020
Units
6
Listed By:
Bogie Bogoyevac · License #License(s): CA: 01332755
(424) 405-3826
Source:
Marcusmillichap
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 16 at 12:39PM
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 Bogie Bogoyevac
Investment Insights
Based on property information with market context.
944 Pacific Avenue is a six-unit apartment property converted from creative office use in 2020. The unit mix includes four one-bedroom, one-bath residences, one two-bedroom, one-bath residence, and one two-bedroom, two-bath residence. Interiors feature modern finishes, in-unit laundry, and mini-split systems. Electrical and plumbing improvements were completed as part of the conversion, and the property is not subject to rent control.
Each unit is separately metered for gas, electric, and water, with residents paying those utilities. Common amenities include controlled entry, a landscaped courtyard with patios, a large parking lot, and an EV charger. The property is in Downtown Long Beach, three blocks from the Metro E Line and near the 710 Freeway, employers, retail, and local attractions. The offering reflects a 5.43% cap rate.
Each unit is separately metered for gas, electric, and water, with residents paying those utilities. Common amenities include controlled entry, a landscaped courtyard with patios, a large parking lot, and an EV charger. The property is in Downtown Long Beach, three blocks from the Metro E Line and near the 710 Freeway, employers, retail, and local attractions. The offering reflects a 5.43% cap rate.
Key Highlights
- Six‑unit apartment property converted from creative office use in 2020
- Unit mix includes four 1‑bed/1‑bath, one 2‑bed/1‑bath, and one 2‑bed/2‑bath unit
- Modern interiors with in‑unit laundry and mini‑split systems
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
$97,074
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
5.25%
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%
$1,941,480
$1.9M
Cap Rate 7%
$1,386,771
$1.4M
Cap Rate 9%
$1,078,600
$1.1M
Market Conditions
NOI Build-Up for 4,583 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
$184.2K $40.20/SF
− Vacancy
−$7.7K −$1.69/SF
EGI
$176.5K $38.51/SF
− OpEx
−$79.4K −$17.33/SF
NOI
$97.1K $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%
$1,941,480
Cap Rate 7%
$1,386,771
Cap Rate 9%
$1,078,600
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $97,074 @ 7.0% cap · market cap 5.25%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.50M
$1.32M – $1.76M
NOI $105,339 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,898
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Recently converted multifamily property with updated systems, in-unit laundry, and controlled access.
Where is this apartment building located?
The property is located at 944 Pacific 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: Six‑unit apartment property converted from creative office use in 2020; Unit mix includes four 1‑bed/1‑bath, one 2‑bed/1‑bath, and one 2‑bed/2‑bath unit; Modern interiors with in‑unit laundry and mini‑split systems
