| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Fair |
| Demographics | 55th | Good |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 505 W 6th St, Long Beach, CA, 90802, US |
| Region / Metro | Long Beach |
| Year of Construction | 1983 |
| Units | 24 |
| Transaction Date | 2017-12-01 |
| Transaction Price | $6,856,500 |
| Buyer | CENTURY BEACHWOOD APARTMENTS 2 LP |
| Seller | CENTURY BEACHWOOD APARTMENTS LP |
505 W 6th St Long Beach Multifamily Investment
This 24-unit property sits in a neighborhood with 93.1% occupancy and strong renter demand, supported by 73.4% rental share according to CRE market data from WDSuite.
Built in 1983, this property is positioned in Long Beach's downtown core where the building age aligns with neighborhood averages, indicating stable capital expenditure planning and consistent maintenance cycles. The area maintains a robust rental market with 73.4% of housing units occupied by renters, ranking in the top quartile nationally among 1,441 metro neighborhoods for rental share.
Neighborhood-level occupancy holds steady at 93.1%, while median contract rents of $1,542 reflect moderate pricing relative to the broader Los Angeles-Long Beach-Glendale metro. The area benefits from exceptional amenity density, ranking 43rd among metro neighborhoods with 13.27 grocery stores per square mile and 65.25 restaurants per square mile, both in the 99th percentile nationally.
Demographics within a 3-mile radius show a population of 188,760 with household income growth of 41.3% over five years to a median of $68,377. Forward-looking projections indicate household count expansion of 35.6% by 2028, with median household income expected to reach $107,755. This renter pool expansion supports sustained multifamily demand in a market where elevated home values at $501,799 median reinforce rental housing reliance.
The neighborhood ranks 1,366th among 1,441 metro neighborhoods for overall crime metrics, placing it in the lower quartile for safety performance. Property offense rates and violent crime trends show elevated levels compared to metro averages, with recent year-over-year increases in both categories.
Investors should factor security considerations into operating budgets and tenant retention strategies. The area's urban core designation and high density contribute to these metrics, which are common in downtown environments with mixed commercial and residential uses.
The property benefits from proximity to major corporate offices anchored by healthcare and industrial employers that support consistent workforce housing demand.
- Molina Healthcare — healthcare services (0.6 miles) — HQ
- Air Products & Chemicals — industrial chemicals (3.3 miles)
- Airgas — industrial gases (7.6 miles)
- International Paper — packaging & paper products (10.2 miles)
- Mattel — consumer products (15.0 miles) — HQ
This 24-unit property leverages Long Beach's strong rental fundamentals, with neighborhood occupancy at 93.1% and a rental share ranking in the top quartile nationally. The 1983 construction year provides potential for value-add renovations while avoiding the capital intensity of significantly older stock. Demographics within a 3-mile radius show household growth projected at 35.6% through 2028, expanding the renter pool as median incomes rise to $107,755.
Exceptional amenity density supports tenant retention, with grocery and restaurant access ranking in the 99th percentile nationally according to multifamily property research. The urban core location provides transit connectivity while elevated home values at $501,799 median reinforce rental demand over ownership transitions.
- Strong rental market fundamentals with 93.1% neighborhood occupancy
- Projected 35.6% household growth through 2028 expands tenant base
- 1983 vintage offers value-add potential without major structural concerns
- Exceptional amenity access supports tenant retention and lease renewals
- Risk factor: Elevated crime metrics require security considerations in operating budgets