486 E Adair St, Long Beach, CA 90805

486 E Adair St, Long Beach, CA 90805

Long Beach, CA

Property Description

We are pleased to present 486 E Adair St, a (4) unit multi-family building in Long Beach, CA. This quadruplex sits on a 6,087 SF corner lot well-positioned in the vastly appreciating North Long Beach submarket. The building features unit mix of (1) 3 Bed/1 Bath unit and (3) 1 Bed/1 Bath units stretching across 2,800+/- rentable square feet. With a CAP Rate of 5.34% and a GRM of 13.46 on current rents, this stabilized asset offers tremendous opportunity for 1031 exchange buyers looking to increase their cash flow on Day 1. The building is in excellent condition and all (4) units have been extensively remodeled with professional grade finishes. In addition, the gated entry ensures secured access to the property and each tenant is offered (1) assigned parking space within the premises. With a walk score of (73), the property is located within close proximity to many retail, dining, and entertainment options that greatly benefit the tenant mix. Further, a substantial portion of the rental income is strategically secured through Section 8 vouchers, so the uncertainty of future rent moratoriums will significantly reduce the likelihood of lost revenue.

Property Features

  • Sale Price: $1,450,000
  • Area Size: 2,800 Sq. Ft.
  • Land Area: 6,087 Sq. Ft.
  • Year Built: 1939
  • Listing Date: 9/28/2022
  • Units: 4
  • Current GRM: 13.46
  • Current Cap Rate: 5.34%
  • Current NOI: $77,413

Lyon Stahl Investment Real Estate

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