What Buyers, Sellers, and the Next 6 Months Look Like
A multi-unit property is one building or lot with more than one rental home on it. Think duplexes, triplexes, fourplexes, and small apartment buildings. Two to four units can be bought with a regular home loan. Five units or more usually needs a commercial loan, which works a little differently.
This report is for investors who want to buy rental income in North Long Beach (the 90805 zip code), and for owners who are thinking about selling. I pull every listing from the MLS each month so you can see what is really for sale, what got a deal, and what gave up.
The short version: there are 19 multi-unit properties for sale, 8 of them have cut their price, only 3 got a deal in the last stretch, and 7 more gave up and came off the market. Rates also jumped to 7.28%. Buyers have the leverage right now.
In my September North Long Beach multi-unit report, I called this a softening market for sellers. A month later, several of the buildings I wrote about are gone, and not because they sold. Here is what changed.
The Quick Numbers
| What we counted | The number |
|---|---|
| Multi-unit properties for sale | 19 (plus 1 coming soon) |
| Price range | $539,000 to $3,225,000 |
| Median asking price | $1,295,000 |
| Median price per unit | $286,333 |
| Median days on the market | 55 |
| Price cuts | 8 of 19, from $30,000 to $305,000 (median cut $102,000) |
| Listed cap rates | 3.84% to 7.0% (median 5.8%, 8 listings) |
| In escrow | 3, median price $1,100,000 |
| Sold last month | None in this data |
| Pulled off the market | 7 since early September |
| 30-year mortgage rate | 7.28% (Freddie Mac, October 1, 2026) |
Source: CRMLS residential income listings in North Long Beach 90805 as of October 5, 2026. Mortgage rate from the Freddie Mac Primary Mortgage Market Survey.
Two terms you will see a lot. The cap rate is the yearly profit after expenses, before the mortgage, divided by the price. A 6% cap rate on a $2,000,000 building means about $120,000 a year. The gross rent multiplier (GRM) is the price divided by one year of rent. Lower is cheaper. In North Long Beach right now, the median GRM is about 13.6, which means you pay about 13.6 years of rent for the building.
What stands out is the gap between small and large properties. The 11 listings with 2 to 4 units have a median price of $340,000 per unit and have been listed a median of 75 days. The 8 buildings with 5 or more units have a median of about $248,000 per unit and have been listed a median of about 52 days. Bigger buildings are cheaper per door, and they are not sitting as long.
The Homes for Sale Right Now
| Address | Price | Units | Price per unit | Yearly rent (listed) | Cap rate (listed) | Days listed |
|---|---|---|---|---|---|---|
| 358 E 53rd St, Long Beach 90805 | $539,000 | 2 | $269,500 | $24,000 | Not listed | 26 |
| 800 E South St, Long Beach 90805 | $764,000 | 2 | $382,000 | Not listed | Not listed | 378 |
| 5656 Lime Ave, Long Beach 90805 | $859,000 | 3 | $286,333 | $62,220 | Not listed | 5 |
| 5940 Gundry Ave, Long Beach 90805 | $899,000 | 2 | $449,500 | Not listed | Not listed | 63 |
| 6140 Orange Ave, Long Beach 90805 | $1,020,000 | 3 | $340,000 | $74,740 | Not listed | 605 |
| 5174 Linden Ave, Long Beach 90805 | $1,088,800 | 4 | $272,200 | $65,400 | 4.7% | 35 |
| 246 E Hullett St, Long Beach 90805 | $1,245,000 | 4 | $311,250 | $83,880 | 3.84% | 297 |
| 42 W Mountain View St, Long Beach 90805 | $1,250,000 | 3 | $416,667 | Not listed | Not listed | 30 |
| 496 E 52nd St, Long Beach 90805 | $1,265,000 | 3 | $421,667 | Not listed | 5.57% | 151 |
| 318-320 E Market St, Long Beach 90805 | $1,295,000 | 4 (3 homes, 1 store) | $323,750 | $93,060 | Not listed | 75 |
| 486 E Adair St, Long Beach 90805 | $1,539,000 | 4 | $384,750 | $107,700 | Not listed | 126 |
| 46 E Plymouth St, Long Beach 90805 | $2,195,000 | 8 | $274,375 | $183,456 | 6.08% | 249 |
| 5333 Pine Ave, Long Beach 90805 | $2,195,000 | 9 | $243,889 | $206,916 | 5.45% | 2 |
| 436 E Market St, Long Beach 90805 | $2,195,000 | 10 | $219,500 | $198,619 | Not listed | 153 |
| 6626 Orizaba Ave, Long Beach 90805 | $2,275,000 | 9 (2 lots, sold together) | $252,778 | Not listed | Not listed | 33 |
| 1005 E Harding St, Long Beach 90805 | $2,400,000 | 10 | $240,000 | $248,892 | Not listed | 49 |
| 473 E 55th St, Long Beach 90805 | $2,950,000 | 10 | $295,000 | $246,492 | 6.0% | 11 |
| 5503-5511 Cherry Ave, Long Beach 90805 | $3,000,000 | 17 | $176,471 | $324,192 | 6.21% | 54 |
| 6068 Atlantic Ave, Long Beach 90805 | $3,225,000 | 12 | $268,750 | Not listed | 7.0% | 55 |
Coming soon: 5947 John Ave, Long Beach 90805, a detached duplex at $799,999 with showings starting October 12. The two units rent for $2,000 each, or $4,000 a month.
A few things jump out:
- The big buildings took the big cuts. 436 E Market St dropped from $2,500,000 to $2,195,000, a $305,000 cut. 46 E Plymouth St dropped from $2,475,000 to $2,195,000, a $280,000 cut, and has now been listed 249 days. Together, the 8 price cuts add up to $1,173,000.
- Some listings are just stuck. 6140 Orange Ave has been on the market for 605 days, even after a $130,000 cut to $1,020,000. 800 E South St has been listed 378 days and is down $225,000 from $989,000. 246 E Hullett St is at 297 days with a 3.84% cap rate, the lowest on the list.
- The cheapest price per door is the biggest building. 5503-5511 Cherry Ave has 17 units for $3,000,000, or about $176,000 per unit. It lists a 6.21% cap rate and a GRM of about 9.3, the lowest on the list.
- One seller pulled and relisted for more. 473 E 55th St was canceled at $2,925,000 on September 22 and came back two days later at $2,950,000. The MLS shows about 442 total days on and off the market. A price increase after that long is unusual.
- Fresh supply keeps coming. 5333 Pine Ave, a 9-unit building at $2,195,000 with a 5.45% listed cap rate, hit the market October 3. 5656 Lime Ave, a triplex at $859,000, came back on the market September 30 after a short hold.
In Escrow and Pulled Off the Market
“In escrow” means a buyer and seller signed a deal and are working through inspections, the loan, and paperwork before closing.
| Address | Price | Units | Price per unit | Days to get a deal |
|---|---|---|---|---|
| 180 E 55th St, Long Beach 90805 | $750,000 | 3 | $250,000 | 103 |
| 92 E Louise St, Long Beach 90805 | $1,100,000 | 4 | $275,000 | 49 |
| 1651 E South St, Long Beach 90805 | $1,295,888 | 9 | $143,988 | 24 |
No North Long Beach multi-unit properties closed in this data. These 7 came off the market without selling since early September:
- 350 E South St, Long Beach 90805: triplex, expired September 30 at $520,000, down from $649,900, after 123 days.
- 67 W Pleasant St, Long Beach 90805: duplex, expired September 7 at $695,000 after 28 days.
- 6160 Gundry Ave, Long Beach 90805: two homes on one lot, expired September 30 at $995,000 after 93 days.
- 253 E Louise St, Long Beach 90805: duplex, canceled September 28 at $630,000, down from $650,000.
- 174 E Plymouth St, Long Beach 90805: 9 units, canceled October 2 at $2,200,000 after 163 days.
- 5529 Dairy Ave, Long Beach 90805: 10 units, canceled September 23 at $3,395,000 with a listed 7% cap rate.
- 489 E 55th St, Long Beach 90805: 4 units, withdrawn September 13 at $1,499,000 after 168 days.
Here is the lesson. The three deals that happened were priced at $275,000 per unit or less. 92 E Louise St and 1651 E South St both got a deal in under 50 days. The listings that gave up or keep sitting were mostly priced higher per unit, or asked buyers to pay for rent growth that has not happened yet. In this market, buyers pay for the rent that exists today.
The Buyer’s Side of the Story
- There is room to negotiate. Eight of 19 sellers have already cut their price, and seven more gave up last month. Few sellers are getting offers, so a clean offer with real numbers gets attention. Ask for credits, a longer inspection period, or both.
- Target buildings that have been sitting. 6140 Orange Ave (605 days), 800 E South St (378 days), 246 E Hullett St (297 days), and 46 E Plymouth St (249 days) all have sellers who have watched the market pass them by. That is where the best deals usually come from.
- Don’t expect a deal on every building. 5656 Lime Ave and 5333 Pine Ave are brand new to the market. Well-priced fresh listings like 92 E Louise St went under contract in 49 days last month. If a new listing pencils, move.
- Rates went up, so the rent matters more. Take 5656 Lime Ave, a triplex at $859,000. With 20% down, your loan is $687,200. At today’s 7.28% rate, principal and interest are about $4,702 a month. A year ago, at 6.34%, the same loan was about $4,272. That is $430 more every month, or about $5,165 a year. The three units bring in $5,185 a month, so the rent covers the loan payment with about $480 to spare. Property taxes, insurance, and repairs still have to come out of that, so this is close to break-even, not a cash machine. Run every building this way before you write an offer.
- Check the paperwork. Ask for the rent roll, every lease, the last 12 months of income and expenses, and the utility bills. Make sure the rents in the listing are the rents tenants actually pay. Many older Long Beach buildings fall under California’s state rent cap (AB 1482), which limits how fast you can raise rents on current tenants. My guide on how to evaluate a Long Beach multi-unit property as a new investor walks through it.
The Seller’s Side of the Story
- Buyers are picky. With rates above 7%, buyers are running every number. A listing with no rent roll or a cap rate under 5% is a hard sell right now. Six of the 19 active listings don’t even show yearly rent in the MLS.
- Price it right the first time. 436 E Market St and 46 E Plymouth St each cut close to $300,000 and are still for sale. 6140 Orange Ave is at 605 days. Meanwhile, 92 E Louise St priced at $275,000 per unit and went under contract in 49 days. Starting high and chasing the market down costs more than starting right.
- Your rent roll is your best selling point. Buyers pay for income they can verify. Clean leases, current rents, and a simple one-page income and expense summary make your building easier to finance and easier to say yes to.
- Have your records ready. Gather permits, any balcony or safety inspections, utility bills, and repair records before you list. If you are selling with tenants in place, read can I sell my Los Angeles County property with tenants. If you own more than one building, see selling multiple investment properties as a package.
- Be ready to help the buyer with credits. A credit toward the buyer’s closing costs or a rate buydown can do more than the same amount off the price. On a 2 to 4 unit property, it lowers the buyer’s payment. It also lets you keep a stronger sales price on the record.
What to Expect in the Next 6 Months
This is my best guess, not a promise.
October to December
The 30-year rate jumped from 7.03% to 7.28% in one week, and the holidays are always slow. I expect more price cuts and more listings coming off the market without selling. Buyers who are ready to close should face less competition than they did this summer.
The price tier that will keep selling
Buildings priced around $275,000 per unit or less, with real rents to back up the numbers, are the ones getting deals. Every escrow in this report fits that. Larger buildings with 5 or more units are also attracting 1031 exchange buyers, who have to buy within a set deadline after selling another property. If that is you, read how to identify 1031 replacement properties in 45 days.
Rules to watch
California’s state rent cap and just-cause eviction rules (AB 1482) apply to many older buildings in North Long Beach, and Long Beach has its own tenant relocation rules on top. Know which rules apply to a building before you buy it, because they decide how fast rents can grow. The City of Long Beach keeps a list of tenant and landlord resources, and the California Attorney General explains the state rules.
Spring
Spring is when most sellers list, so I expect more inventory between February and April. If rates come down even a little, buyers will come back quickly and the best-priced buildings will move. If rates stay high, sellers who have been holding out will face more cuts.
My simple advice
- Buyers: This fall and winter is your window. Focus on buildings at or under about $275,000 per unit with verified rents, and lean on the listings that have been sitting.
- Sellers: If you can wait until spring, you will likely have more buyers. If you need to sell now, price it by the rent you collect today, not the rent you hope to get.
Want to compare? See my September and August North Long Beach multi-unit reports, or my guide to multi-unit investing in Los Angeles County for first-time investors.
Find Your North Long Beach Multi-Unit Property
North Long Beach has plenty of income property for sale right now, but the right building at the right price will not sit long.
Have a question about a home on this list? I am happy to help you check the permits, the rent, and the numbers before you make an offer. Call Dylan Serna, ADU Realtor at 714-860-2868.
Dylan Serna, The ADU Realtor
eXp Realty | DRE #02217359
dylan@serna-realestate.com
Data from CRMLS as of October 5, 2026, deemed reliable but not guaranteed. Rents, cap rates, and income figures are as listed by the sellers’ agents and have not been verified. Payment examples use 20% down and a 30-year loan, principal and interest only, with no taxes or insurance. Not financial advice.
