| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 44th | Fair |
| Amenities | 95th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 441 Nebraska Ave, Long Beach, CA, 90802, US |
| Region / Metro | Long Beach |
| Year of Construction | 1987 |
| Units | 29 |
| Transaction Date | 2010-07-26 |
| Transaction Price | $3,500,000 |
| Buyer | HOOD THOMAS M |
| Seller | NNC NEBRASKA AVE LLC |
441 Nebraska Ave Long Beach Multifamily Investment
This 29-unit property benefits from Long Beach's dense renter market where 79.2% of housing units are renter-occupied, ranking in the top 1% nationally according to CRE market data from WDSuite.
The property sits in an Urban Core neighborhood with exceptional amenity density, ranking 70th among 1,441 metro neighborhoods for overall amenities and in the 95th percentile nationally. The area features 12.04 grocery stores per square mile (99th percentile nationally) and 25.94 restaurants per square mile (98th percentile nationally), providing strong tenant appeal and retention drivers for multifamily properties.
Built in 1987, this property aligns with the neighborhood's average construction year of 1956, positioning it as a newer asset that may require less immediate capital expenditure compared to older neighborhood stock. The area maintains a median contract rent of $1,551 with modest 5-year growth of 45.7%, while neighborhood-level occupancy holds at 91.7%, indicating stable rental demand despite recent softening.
Demographics within a 3-mile radius show 224,249 residents with 76% of housing units renter-occupied, creating a substantial tenant pool. Household income projections indicate growth from a current median of $76,112 to $111,577 by 2028, supporting rental demand as elevated home values ($577,396 median) limit ownership accessibility. The rent-to-income ratio of 30% suggests manageable affordability for current tenants, though investors should monitor retention as income growth accelerates.
Crime metrics present mixed signals for this neighborhood, with property offense rates ranking in the lower portion of metro neighborhoods (1,268th of 1,441) and violent crime rates placing in the bottom 3% nationally. Recent trends show property offense rates increased 37.7% year-over-year, while violent offenses rose 47.2%, suggesting heightened security considerations for property management and tenant screening protocols.
Investors should factor these safety dynamics into operational planning, including potential security enhancements, tenant retention strategies, and competitive positioning relative to safer submarkets within the Long Beach area.
The property benefits from proximity to major corporate employers anchoring the Long Beach employment corridor, supporting workforce housing demand and commute convenience for tenants.
- Molina Healthcare — healthcare services (1.6 miles) — HQ
- Air Products & Chemicals — industrial chemicals (4.4 miles)
- Airgas — industrial gases (7.6 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging manufacturing (8.9 miles)
- Time Warner Business Class — telecommunications (9.3 miles)
This 29-unit property capitalizes on Long Beach's fundamentally strong rental market, where nearly 80% of housing units are renter-occupied and median home values at $577,396 sustain rental demand. The neighborhood's exceptional amenity density and urban core location support tenant retention, while projected household income growth from $76,112 to $111,577 by 2028 indicates improving rent collection potential.
Built in 1987, the property offers potential value-add opportunities through strategic renovations while avoiding the immediate capital needs of older neighborhood stock. However, recent crime trend increases and current occupancy softening require active management focus and may impact competitive positioning within the broader Long Beach multifamily market.
- Top 1% nationally for renter-occupied housing concentration supports consistent demand
- Exceptional amenity density with 99th percentile grocery and restaurant access enhances tenant appeal
- 1987 construction year positions property for value-add potential without immediate major capital needs
- Projected 47% household income growth by 2028 supports rental rate advancement opportunity
- Rising crime trends and occupancy softening require active management and security considerations