621 E 6th St, Long Beach, CA 90802

621 E 6th St, Long Beach, CA 90802

Long Beach, CA
$2,600,000

Property Description

Partially remodeled, and cash flowing 11-Unit located just outside of the Booming Downtown Long Beach. With room to grow the remaining, nonremodeled units, this asset is an ideal opportunity for any investor looking to capitalize on the remaining improvements available and increase the current cash flow. With 8,136 Sq. Ft of rentable space, the 6th St. Apartments have spacious units, including a Remodeled 3-Bd/2-Ba House. The remaining (10) units are comprised of (1) 2-Bd/2-Ba, (7) 1-Bd/1-Ba, & (2) Studios, where Two of the 1- Bd/1-Ba have also been Remodeled. The (3) remodeled units have been fully gutted, and include hardwood flooring, new cabinets, and brand new stainless steel appliances. Opportunity to add ADU 1Bed + 1Bath unit and increase monthly cash-flow. With all rents in place, the property is currently at a 4.51% Cap and 14.15 GRM. With nearly 30% rental upside available, the new buyer has a chance to achieve a 6.96% Cap and 10.42 GRM on proforma rents. All tenants are currently paying! This is the perfect opportunity for the new owner to capitalize on turning the remaining units one by one, while being supported by strong monthly income from the other units. The upside in the Long Beach Market is limitless, with $6 Billion in new capital pouring into projects such as the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific, and Queen Mary Island.

Property Features

  • Sale Price: $2,600,000
  • Area Size: 8,136
  • Year Built: 1923
  • Listing Date: October 21, 2021
  • Units: 11

Lyon Stahl Investment Real Estate

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