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219 W. 9th Street

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

8

Unit

$2,675,000

Price

Property Details

Price Per Unit

$334,375

Price per SF

$420

Current Cap Rate

4.79%

Market Cap Rate

5.86%

Current GRM

13.59

Market GRM

11.69

219 W. 9th Street

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

$2,675,000

Price

Property Details

Price per SF

$420

Price Per Unit

$334,375

Price per SF

$420

Current Cap Rate

4.79%

Market Cap Rate

5.86%

Unit

8

Current GRM

13.59

Market GRM

11.69

Description

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, partially 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.

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

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