219 W. 9th Street

219 W. 9th Street, Long Beach, CA 90813

Sale Price

$2,700,000

Investment Overview

Units

8

Year Built

1983

Price Per SF

$425

Price Per Unit

$337,500

Current Cap Rate

4.48%

Market Cap Rate

5.81%

Current GRM

14.26

Market GRM

11.79

The Offering

219 W. 9th Street is an eight-unit apartment asset located near Downtown Long Beach. The property is comprised of three buildings on a 7,500-square-foot lot.

Five of the eight units were built in 1983 and the original three units were built in 1929. Unit types include: (2) Junior 1BD / 1BA; (3) 1BD / 1BA;
(1) 2BD / 2BA; and (2) 3BD / 1BA

Five units have been upgraded with luxury finishes including in-unit washer/dryers, new cabinets and countertops and new dishwashers.

Multiple capital improvements include a new roof on the front building, updated electrical and plumbing systems, and new windows in remodeled units.

The building has ample parking with 7 garage spaces that may potentially be converted to ADUs for additional income.

This offering has attractive assumable financing available: 3 years interest-only at 4.45%with 43% down.

Investment Highlights

  • Five Units Upgraded with Luxury Finishes – New Cabinets, Countertops, In Unit W/D, Stainless Steel Appliances and Recessed Lighting
  • Five of the 8 Units Built in 1983
  • Overparked with 7 Garage Spaces and 6 Surface Spaces
  • Garages May Be Able to Be Converted to ADUs
  • Assumable Financing Available: 3 Years I/O at 4.45% with 43% Down