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424 W 9th Street, Long Beach, CA 90813

$1,395,000

Description

Lyon | Stahl is pleased to present this excellent 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 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 over a 5% cap rate, the property’s below-market rents offer any investor the opportunity to achieve a 6.39% cap rate and a 10.84 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.

Address

  • Address: 424 W. 9th Street
  • City: Long Beach
  • State/county: CA
  • Zip/Postal Code: 90813
  • Country: United States

Detail

Updated on October 30, 2018 at 12:19 am

  • Price: $1,395,000
  • Property Size: 3,690 Sq Ft
  • Land Area: 4,105 Sq Ft
  • Year Built: 1923
  • Property Type: Multifamily
  • Property Status: Active
  • Numbers of Units: 8
  • GRM: 11.95
  • CAP RATE: 6.68%
  • Market GRM: 10.43
  • Market CAP RATE: 6.68%

Contact info

Cameron Samimi
Cameron Samimi
(310) 880-3855 (310) 259-7556
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