Three Contiguous Buildings | Total of 8 Units | 219-223 W 9th St
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Three Contiguous Buildings | Total of 8 Units 219-223 W 9th St
8 Unit Apartment Building $2,400,000 ($300,000/Unit) 6.18% Cap Rate Long Beach, CA 90813
Investment Highlights
- Priced at a 6.18% CAP rate & 12.42 GRM on current rents, and can be stabilized at a 6.89% CAP rate and 11.42 GRM without addition of ADUs
- Six (6) Units Upgraded with High-End Finishes
- Over-parked with 13 Parking Spaces (7 Garages and 6 Surface Spaces)
- Five (5) Units Built in 1983
- Multiple Capital Improvements
- Garages May Be Able to Be Converted to ADUs
Executive Summary
219 W. 9th Street is an eight-unit apartment community located near Downtown Long Beach, operating at a 6.18% cap rate and 11.42 GRM . The property is comprised of three buildings on a ±7,500 square foot lot.
The property consists of five units constructed in 1983 and three original units built in 1929. 219 W. 9th Street has a varied unit mix of: two Junior 1BD/1BA, three 1BD/1BA, one 2BD/2BA, and two 3BD/1BA. Six of these units have been upgraded with high-end finishes, including in-unit washer/dryers, new cabinets, countertops, and dishwashers.
The property completed several capital upgrades, including a new roof on the front building, partially updated electrical and plumbing systems, and new windows were installed in the renovated units.
The asset boasts a total of 13 parking spaces, seven (7) garages and six (6) surface spaces. The garages may potentially be converted to ADUs for additional income.
The property consists of five units constructed in 1983 and three original units built in 1929. 219 W. 9th Street has a varied unit mix of: two Junior 1BD/1BA, three 1BD/1BA, one 2BD/2BA, and two 3BD/1BA. Six of these units have been upgraded with high-end finishes, including in-unit washer/dryers, new cabinets, countertops, and dishwashers.
The property completed several capital upgrades, including a new roof on the front building, partially updated electrical and plumbing systems, and new windows were installed in the renovated units.
The asset boasts a total of 13 parking spaces, seven (7) garages and six (6) surface spaces. The garages may potentially be converted to ADUs for additional income.
Property Facts
Price | $2,400,000 | Apartment Style | Low Rise |
Price Per Unit | $300,000 | Building Class | C |
Sale Type | Investment | Lot Size | 0.17 AC |
Cap Rate | 6.18% | Building Size | 6,365 SF |
Gross Rent Multiplier | 11.42 | No. Stories | 2 |
No. Units | 8 | Year Built | 1929 |
Property Type | Multifamily | Parking Ratio | 2.04/1,000 SF |
Property Subtype | Apartment | Opportunity Zone |
Yes
|
Price | $2,400,000 |
Price Per Unit | $300,000 |
Sale Type | Investment |
Cap Rate | 6.18% |
Gross Rent Multiplier | 11.42 |
No. Units | 8 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.17 AC |
Building Size | 6,365 SF |
No. Stories | 2 |
Year Built | 1929 |
Parking Ratio | 2.04/1,000 SF |
Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Washer/Dryer Hookup
- Ceiling Fans
- Kitchen
Site Amenities
- 24 Hour Access
- Fenced Lot
- Gated
- Walk-Up
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Walk Score ®
Walker's Paradise (91)
Transit Score ®
Excellent Transit (70)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
Parcel Number | 7272-012-017 | Improvements Assessment | $670,125 |
Land Assessment | $1,254,475 | Total Assessment | $1,924,600 |
PROPERTY TAXES
Parcel Number
7272-012-017
Land Assessment
$1,254,475
Improvements Assessment
$670,125
Total Assessment
$1,924,600
zoning
Zoning Code | CH, Long Beach |
CH, Long Beach |
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Three Contiguous Buildings | Total of 8 Units | 219-223 W 9th St
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