Multifamily Real Estate Expertise in Long Beach

Long Beach’s small-to-mid multifamily market remains stable, with average pricing now around $215,000–$230,000 per unit and cap rates generally ranging from 5.75%–6.25%, with the market average near 6.0%, reflecting balanced buyer-seller dynamics. Over the past 12 months, the average sale price per unit has adjusted to approximately $222,000–$223,000, with median pricing around $227,000, indicating slight softening from prior peaks. Pricing continues to vary meaningfully by zip code, submarket, and building quality, with Long Beach remaining highly nuanced—often changing street by street based on location quality, unit mix, parking, and overall condition.

Sales volume over the trailing 12 months totaled approximately $350M–$370M, with roughly 150+ transactions recorded and average sale prices near $2.4M. Properties are trading approximately 5.5% below asking, and time to sell has lengthened slightly to around 5.9 months, reflecting a more measured pace of transactions. Occupancy remains strong at roughly 95.8%–96.4%, vacancy averages near 4.0%–4.3%, and rent growth is modest at approximately 1.0% annually. These fundamentals continue to reflect steady tenant demand, though rent growth remains constrained and vacancy has ticked slightly upward.

From a seller’s perspective, strong occupancy continues to support reliable income, though softer pricing trends, slightly longer marketing times, and consistent buyer underwriting discipline require more strategic positioning. Well-located, well-maintained assets still attract strong interest, but pricing expectations must align with current market conditions. In a nuanced, street-by-street market like Long Beach, working with an experienced multifamily broker remains critical to accurately position the asset, target the right buyer pool, and maximize pricing in a more selective environment.

From a buyer’s perspective, modest pricing pullback, consistent discounts to asking, and cap rates around 6% are creating improved acquisition opportunities. Investors are able to negotiate on pricing while acquiring stabilized assets with dependable cash flow, and slightly elevated vacancy alongside moderate rent growth provides a balanced risk profile with potential upside as market conditions stabilize.