North Long Beach Multi-Unit Market Update — September 2026: What the Numbers Actually Say for Buyers and Sellers
If you've been watching the North Long Beach multi-unit market and wondering whether now is the time to move — as a buyer or a seller — this post is going to give you a real answer. Not a spin. Not a headline. The actual data from active listings right now in the 90805 zip code, plus my honest read on what it means.
Let's get into it.
What's on the Market Right Now
As of September 2026, there are roughly 20 active multi-unit listings in North Long Beach ranging from a $520,000 triplex all the way up to a $3,295,000 twelve-unit apartment building. The spread is significant, and the spread tells you a lot.
Here's a snapshot of the active inventory by size tier:
Small (2–3 units):
350 E South St — 3-unit triplex, $520,000 — value-add play, 2 units currently vacant
800 E South St — 2-unit, $764,000 — mixed-use zoning, development potential
3404 E 65th — 2-unit duplex, $810,000 — North Long Beach/Lakewood border, ADU conversion potential noted
5940 Gundry Ave — 2-unit duplex, $899,000
6160 Gundry — 2-unit with an existing rear ADU, $995,000 — ADU built 2019, $4,900/month current income
6140 Orange Ave — triplex, $1,020,000 — been on market since February 2025 (more on that below)
Mid-size (4–6 units):
45 E 69th Way — 6-unit, $900,000 (reduced from $1,150,000) — 6.55 cap rate, $77,140 NOI
5174 Linden — 4-unit, $1,088,800 — 4.7 cap, ADU development potential on large backyard lot
92 E Louise St — 4-unit, $1,100,000 — all 2-bed/1-bath units, $72,365 NOI, priced at $275K/unit
246 E Hullett St — 4-unit, $1,245,000 — 3.84 cap rate, below-market rents
496 E 52nd St — 3-unit with 2 brand-new ADUs completed in 2026, $1,265,000 — 5.57 cap, $70,412 NOI
489 E 55th St — 4-unit, $1,499,000 — 6.36 cap rate, $95,347 NOI, garage ADU conversion potential
486 E Adair — 4-unit, $1,549,800 (reduced from $1,598,000) — Section 8-secured income
Larger (8–17 units):
46 E Plymouth — 8-unit, $2,195,000 — 6.08 cap, $133,486 NOI, strong unit mix
436 E Market — 10-unit, $2,195,000 — front ADU duplex newly built in 2024
174 E Plymouth — 9-unit, $2,200,000 — $118,925 NOI, community laundry income
6626 Orizaba Ave — 9-unit across 2 parcels, $2,275,000 — dual-parcel deal, ADU conversion play
1005 E Harding St — 10-unit, $2,400,000 — 7.03% proforma cap, SB 721 balcony inspections complete, $200K in recent capital improvements
5503–5511 Cherry Ave — 17-unit, $3,000,000 — 5.17 cap, $155,114 NOI, $85K in 2025 capital improvements
6068 Atlantic Ave — 12-unit, $3,295,000 — 7.25% cap rate on current income, $238,911 NOI, 8 additional ADUs proposed
The Cap Rate Story: Wide Spread = Price Discovery Still Happening
This is the most telling signal in the entire dataset. Active cap rates in North Long Beach right now range from 3.84% to 7.25%. That is an enormous spread for a single zip code.
What does that mean in plain English? Buyers and sellers haven't fully agreed on what these properties are worth yet. Sellers who bought or refinanced during the low-rate era are still anchored to valuations that assumed cheap debt. Buyers underwriting at today's rates need higher yields to make the math work — and they're holding the line.
The 6068 Atlantic Ave at a 7.25% current cap is the benchmark for what a strong, fully-renovated operator can achieve in this market. It required a $600K renovation, full vacancy to retenant, and significant capital. That's not the standard — it's the ceiling. Most of the inventory is trading in the 5%–6.5% range, which is where realistic buyer-seller negotiations are landing.
The outliers are instructive. The 246 E Hullett listing at a 3.84% cap is priced for a buyer who believes rents will be pushed dramatically. That may be true — the notes mention below-market rents with long-term tenants — but a 3.84% cap on today's cost of capital is a tough pencil. It's been on the market a while. That's not a coincidence.
What the Days-on-Market Data Is Telling Us
I'm going to be direct here: this is a softening market for sellers of multi-unit property in North Long Beach.
The evidence isn't subtle:
45 E 69th Way — listed at $1,150,000 in February 2026. Now sitting at $900,000 after nearly seven months on market. That's a $250,000 price reduction — 21.7% — and it still hasn't closed. The listing description says "Priced to sell." Buyers are not moving just because a seller says that.
6140 Orange Ave — a triplex listed in February of 2025. It has been on the market for over 18 months. The listing notes rents that are far below market due to long-term tenants. That's an upside story, but the market is telling us it's a complicated one.
486 E Adair — just reduced from $1,598,000 to $1,549,800. Small reduction, but it signals a seller who is feeling the pressure.
Multiple listings in this dataset accept 1031 exchange terms, note seller financing willingness, or describe sellers as "very motivated." That's the language of a market where supply is sitting and buyers have leverage.
My Take: What's Actually Happening — and Why
Here's my honest opinion on what's driving the North Long Beach multi-unit market right now.
Buyers are disciplined. The era of buying on rent upside alone is over. Investors at today's interest rates need a property that cash-flows from day one, or at minimum has a clear, near-term path to positive carry. Buyers are running the numbers hard, and they're walking away when the numbers don't work. The properties that are moving are the ones with realistic cap rates and genuine ADU upside that can be documented — not just hoped for.
ADU potential is a real premium driver. I've said this for a while, and the data keeps confirming it. The 496 E 52nd St listing — a classic 1929 Spanish front home with two brand-new ADUs completed in 2026 — is priced at a 5.57% cap with $70,412 NOI. That's a fair premium for a turnkey, income-producing asset with modern construction on the back of the lot. Similarly, 6160 Gundry (2-unit with a 2019 ADU already renting at $2,800/month) has a strong income story relative to its price tier. Properties where someone has already done the ADU work command a premium — and rightfully so. If you want to understand how many ADUs a multi-unit property can legally add in California, that's worth reading before you tour anything.
Below-market rents are a double-edged sword. A lot of sellers in this dataset are pitching below-market rents as upside. And it is upside — but only if a buyer can actually get there. Long-term, month-to-month tenants protected by AB 1482 rent control limits don't just leave. The 45 E 69th listing explicitly notes tenants with 10–20 year rental histories. The 92 E Louise listing was described in its offering as priced below comparable four-unit sales because rents are embedded below market. Buyers are discounting that upside story heavily, and I think they're right to do so.
The garage conversion angle is getting more sophisticated. I'm seeing more listings where the ADU narrative isn't just "add a unit" but "add multiple units through garage conversion." The 489 E 55th listing specifically mentions potential to convert garages into additional units. California's 25% rule on garage conversions for multi-unit properties is something every serious buyer needs to understand before they get attached to that math, because it caps how many existing attached garages can be converted. That said, the flexibility California grants under its multi-unit ADU statutes — two detached ADUs plus one-per-unit attached — remains a powerful toolkit for owners of existing multi-unit lots.
The 350 E South triplex is worth watching. One of the most interesting listings in the dataset, and one that doesn't fit a clean narrative. Two units delivered vacant, priced at $520,000, and the listing notes the property "may qualify for legalization state amnesty program AB 2533." It's being marketed as a value-add with legalization upside, and California's ADU state amnesty law gives unpermitted units a path to legitimacy in many cases. For a buyer who knows how to navigate that process, this is the most asymmetric opportunity in the dataset. For a buyer who doesn't, it's a risk.
What This Means If You're a Seller
If you're a North Long Beach multi-unit owner thinking about selling, here's what I'd tell you:
Price it right from day one. The 45 E 69th situation is a cautionary tale. A $250K price reduction after seven months on market is significantly more painful than pricing correctly at the start — not just financially, but in terms of buyer perception. A property that sits and chases the market reads as distressed, even when it isn't. Buyers start wondering what's wrong with it.
Lead with income, not potential. If your rents are below market, that's a conversation to have honestly — not a headline. Buyers are sophisticated enough to model it themselves, and if you oversell the upside, you'll lose deals in due diligence when the reality lands differently than the pitch.
ADU-ready properties sell at a premium — get your permits in order. If you have an existing unpermitted unit, the time to explore legalization under state programs is before you list, not after a buyer discovers it and uses it as leverage.
What This Means If You're a Buyer
North Long Beach is one of the few markets in LA County where you can still find multi-unit properties at price points that pencil with today's rates — if you're selective. The 6-unit at 45 E 69th at $900,000 with a 6.55% cap is genuinely interesting. The 10-unit at 1005 E Harding with SB 721 compliance complete and $200K in fresh capital improvements at a 7.03% proforma cap is worth a serious look.
If you're looking to find ADU-potential multi-unit lots across LA County, North Long Beach 90805 belongs on your short list — price per unit is lower than neighboring markets, there's genuine ADU expansion runway on several parcels, and motivated sellers are creating real negotiating room right now.
The deals are there. They require patience, underwriting discipline, and a willingness to look past the surface numbers to find the actual income story.
Quick Stats — North Long Beach 90805, Active Multi-Unit, September 2026
MetricRangeActive listings~20Price range$520,000 – $3,295,000Unit counts2–17Cap rate range (active)3.84% – 7.25%Price per unit (mid-size)~$173K – $407KHighest current NOI$238,911 (12-unit, 6068 Atlantic)Notable price reductions$250K reduction (45 E 69th), ongoingADU-specific listings5+ with new or conversion-ready ADUs
Questions About a Specific Listing?
I'm tracking every multi-unit property in the 90805 and can pull comps, run income analysis, and give you a realistic read on any of these. If you're a seller and want to know where your property fits in this market, I'll give you an honest answer — not a number designed to win your listing.
Reach me at dylan@serna-realestate.com or visit adurealtor.net.
Dylan Serna | The ADU Realtor | eXp Realty | DRE #02217359
