424 W 9th St, Long Beach, CA 90813

424 W 9th St, Long Beach, CA 90813

Long Beach, CA
$1,550,000

Property Description

424 W 9th St is located in the Heart of Downtown Long Beach, this is a great opportunity to own an 8 unit property with stable income and at least 10% upside in rents. The surrounding area is currently being heavily developed with an estimated $3.5 billion currently under construction. This is a great opportunity to own near the historic Willmore District with a fresh look to appeal to the young professionals flooding to Downtown’s hip revival. 424 9th St comes with a mixture of hardwood floors, high ceilings, a sun-deck, granite countertops, and vintage built-in cabinets. The property consists of 2 buildings on a grassy 4,105 sq ft lot with (5) 1-bed/1-bath units and (3) studios.

Property Features

  • Sale Price: $1,550,000
  • Year Built: 1904
  • Listing Date: May 5, 2022
  • Units: 8
  • Current GRM: 12.82
  • Current Cap Rate: 4.81%
  • Market GRM: 11.38
  • Market Cap Rate: 5.75%