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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.

Property Facts

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
Walk Score ®
Walker's Paradise (91)
Transit Score ®
Excellent Transit (70)
Bike Score ®
Very Bikeable (80)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

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
  • Listing ID: 33160324

  • Date on Market: 9/12/2024

  • Last Updated:

  • Address: 219-223 W 9th St, Long Beach, CA 90813

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