Los Angeles County Multifamily Market Report
Long Beach
Long Beach, located in Los Angeles County, is a vibrant coastal city known for its bustling waterfront, diverse culture, and extensive outdoor recreational opportunities. The most common job groups are in retail sales, food service, healthcare support roles, and construction trades. Administrative positions and professional services are also significant, particularly in South Wrigley, where the economy shows a slightly higher diversity in occupations related to the education and healthcare industries. The population for the area has been stable over the last four years, with Cambodia Town noting 53,647 residents and South Wrigley with a population of 40,688.
Within the submarket, the Class C segment is the most dominant subtype, with 7,222 units. There are 5,721 Class B units and 2,886 Class A units. Over the last three years, there have been 52 transactions, amounting to a total trade value of around $468 million.
The market cap rate for Long Beach has risen to 4.2%, surpassing its average rate of 3.8% over the past three years. During this time, rental prices have seen a cumulative rise of 22.3%. The multifamily submarket in Long Beach has a vacancy rate of 3.1%, showing a decrease of 0.6% in the last 12 months. During this period, 92 units have been absorbed, with no net deliveries reported. Rental prices in Long Beach are approximately $2,690 per month, reflecting a 3.1% increase compared to a year ago. There are currently no ongoing construction projects in the area.
South Wrigley
The South Wrigley area is an appealing submarket for multifamily real estate sales. Known for its central location and community-oriented atmosphere, South Wrigley benefits from its proximity to Downtown Long Beach, major freeways, and public transit, including the Metro Blue Line. The area offers a mix of vintage and modern multifamily properties, providing opportunities for both stable rental income and value-add investments. With ongoing infrastructure improvements and a growing interest in Long Beach as a residential hub, South Wrigley stands out as a promising market for multifamily investors seeking long-term growth and stability.
Cambodia Town
The Cambodia submarket in Long Beach presents a dynamic opportunity for multifamily real estate investment. This area, enriched by its vibrant Cambodian-American community and cultural landmarks, offers a blend of historical charm and urban energy. Multifamily properties here are typically characterized by strong tenant demand. This is due to the neighborhood’s accessibility, proximity to employment hubs, and public transit options. Investors often find appeal in competitive pricing compared to nearby markets, as well as potential for value-add renovations. With continued population growth and revitalization efforts in Long Beach, Cambodia Town remains a focal point for multifamily sales activity.
