424 W 9th Street, Long Beach, CA 90813

424 W 9th Street, Long Beach, CA 90813

Long Beach, CA

Property Description

Lyon | Stahl is pleased to present this excellent, well-kept 8 unit investment opportunity located in the heart of downtown Long Beach at 424 W. 9th Street.

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 countertops, and
vintage built-in cabinets. All the tenants are up to date on their rents, which reflects how easy to manage this property is. 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 over a 4.8% cap rate, under 200k a door, the 9th St apartments still have at least 10% upside in the rents. 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.

Property Features

  • Sale Price: $1,595,000
  • Area Size: 3,690 SF
  • Land Area: 4,105 SF
  • Year Built: 1923
  • Listing Date: 01/04/2021
  • Closing Date: 3/21/2019
  • Units: 8
  • Current GRM: 11.95
  • Current Cap Rate: 6.68%
  • Market GRM: 10.43
  • Market Cap Rate: 6.68%