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421 E. 9th Street

421 E, 9th Street,Long Beach, CA 90813

15

Unit

$4,350,000

Price

Property Details

Price Per Unit

$290,000

Price per SF

$367

Current Cap Rate

5.10%

Market Cap Rate

6.44%

Current GRM

12.87

Market GRM

10.84

421 E. 9th Street

421 E, 9th Street,Long Beach, CA 90813

$4,350,000

Price

Property Details

Price per SF

$367

Price Per Unit

$290,000

Price per SF

$367

Current Cap Rate

5.10%

Market Cap Rate

6.44%

Unit

15

Current GRM

12.87

Market GRM

10.84

Description

421 E. 9th Street is a 15-unit apartment asset located in Downtown Long Beach, California. This property is on market for the first time in over 40 years, and offers an assumable loan at 3.29%.

Built in 1973, the building has an attractive mix of sizable one, two and three bedroom units. Four units have been fully renovated with laminate wood flooring and upgraded kitchens and bath. Eight individual garages and six surface spaces under the building are currently providing income. Individual garages offer potential for ADU conversion for increased rental income.  Recent capital expenditure in the building include a new APOC Silicone Roof System, New Digital Intercom System and Front Door Repair, and an Upgraded Elevator Motor System.

Featuring a Walk Score of 95, 421 E. 9th Street is located in desirable Downtown Long Beach with easy access to amenities for daily living.

Highlights

  • Assumable Financing Available at 3.29%
  • First Time on Market in Over 40 Years
  • Attractive Unit Mix with Sizable Units
  • Four Units Fully Renovated
  • CAPEX Includes: New Silicone Roof System, New Intercom System & Front Door Repair, Upgraded Elevator Motor
  • Ample Parking with 8 Garages and 6 Surface Spaces
  • Garages Provide ADU Potential
  • Desirable Downtown Long Beach Location / 95 Walk Score

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