New Listing – 8 Units in the Heart of Downtown Long Beach

New Listing – 8 Units in the Heart of Downtown Long Beach

                                Lyon | Stahl is pleased to present 424 W 9th St, an excellent 8 unit investment opportunity located in the heart of downtown Long Beach!


The property consists of 2 buildings on a large grassy 4,105 sq. ft. lot with (5) 1-bed/1-bath units and (3) studios. The 9th Street Apartments
not only offer the best cap rate available on the market but are complemented by beautiful landscaping and upgraded units. The units come
with a mixture of hardwood floors, high ceilings, a sun-deck, granite counter tops, and vintage built-in cabinets. This property captures the
beauty of the historic Willmore District with a fresh look to appeal to the young professionals flooding to downtown Long Beach’s hip revival.


The 9th Street Apartments are situated just blocks from the ocean and minutes from the $520 million dollar Civic Center
redevelopment, the $250 million Queen Mary Island waterfront development, the $53 million dollar Long Beach Aquarium
expansion, and dozens of other new high rise and entertainment developments planned for downtown Long Beach.


Already offering a 5.5% cap rate, the property’s below market rents offer any investor the opportunity to achieve a
6.68% cap rate and a 10.43 GRM. This turn-key asset is the perfect investment for any exchange buyer or owner looking
to own a piece of one of Southern California’s last affordable beach communities.


.
Investment Highlights:

• Situated in the Heart of Downtown Long Beach in the Gentrifying Willmore District
• $8 Billion of Investment in Surrounding Area
• In Federally Designated Opportunity Zone with Preferential Capital Gains Tax Treatment
• 5.5% CAP/11.95 GRM and Easily Achieved 6.68% Market CAP/10.43 GRM
• 15% Upside in Rents in Strong Non-Rent Controlled Market
• Close Freeway and Transit Access
• Walker’s Paradise
• Beautiful Hardwood Floors, Granite Counters, Original Built-In Cabinets
• New Water Heaters, Copper Plumbing, Upgraded Drainage and Sewer Line
• Sundeck, Landscaped Yard

.
City Overview:

Long Beach is one of the most exciting cities to invest in thanks to its coastal location, beautiful weather, convenient transportation, and massive civic, residential, and entertainment development.

Downtown Long Beach is a flourishing urban community featuring a waterfront harbor, a historic architectural district, and a cultural arts scene. The Pine Avenue District provides many restaurants, shopping, and nightlife options. Downtown Long Beach boasts major tourist attractions such as the Aquarium of the Pacific and the Queen Mary, both of which will be adding major expansions, as well as the Toyota Grand Prix racing event and the Long Beach Convention Center. Beach provides easy commutes to major employment hubs in Los Angeles and Orange County.

Long Beach has a population of 471,000 and is home to major businesses such as Molina Healthcare, Verizon, and the Port of Long Beach. The Mercedes Benz US West headquarters and Virgin Galactic also are locating to Long Beach on the site of the former Boeing campus. Located near the 405 and 710 freeways, and with access to the Metro Blue Line train, Long Beach provides easy commutes to major employment hubs in Los Angeles and Orange County.

 


.
To learn more about this property: