$1,400,000
SOLD MAR 21, 2019
5 Beds
8 Baths
3,690 Sq Ft
4,105 Sq Ft Lot

Recently Sold

$379 Per Sq Ft

60 Days on Market

About This Home

As of July 2022

5.5% Cap Rate Day One & 11.95 GRM! 8-unit multi-family investment in Heart of Downtown Long Beach! Don’t miss this opportunity to own in Downtown LB near $8 billion in new capital!
The property consists of 2 buildings on a large, grassy 4,105 sq. ft. lot with (5) 1-bed/1-bath units and (3) studios. The 9th Street Apartments offer the best cap rate on the market and are complimented by beautiful landscaping and upgraded units. The units come with a mixture of hardwood floors, high ceilings, a sun-deck, granite counter tops, and vintage built-in cabinets. This property captures the beauty of the historic Willmore District with a fresh look to appeal to the young professionals flooding to Downtown Long Beach’s hip revival.
The 9th Street Apartments are situated just blocks from the ocean and minutes from the $520 million dollar Civic Center redevelopment, the $250 million Queen Mary Island waterfront development, the $53 million dollar Long Beach Aquarium expansion, and dozens of other new high rise and entertainment developments planned for Downtown Long Beach.
Already offering a 5.5% cap rate, the property’s below-market rents offer any investor the opportunity to easily achieve a 6.68% cap rate and a 10.43 GRM. This turn-key asset is the perfect investment for any exchange buyer or owner looking to own a piece of one of Southern California’s last affordable beach communities.

Last Agent to Sell the Property

Cameron Samimi

Lyon Stahl Investment Real Estate, Inc. License #02035763 Listed on: 10/19/2018

Lyon Stahl Investment Real Estate, Inc.

Last Buyer's Agent

Stephen Takahashi

Lyon Stahl Investment Real Estate, Inc. License #01944770

Lyon Stahl Investment Real Estate, Inc.

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1921

Lot Details

  • 4,105 Sq Ft Lot
  • 1 Common Wall
  • Density is up to 1 Unit/Acre

Home Design

  • 3,690 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 8 Bathrooms

Location

  • Suburban Location

Listing and Financial Details

  • Tax Lot 2
  • Tax Tract Number 4119
  • Assessor Parcel Number 7272015016

Community Details

Overview

  • 2 Buildings
  • 8 Units

Building Details

  • 6 Separate Electric Meters
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Operating Expense $36,582
  • Gross Income $116,724
  • Net Operating Income $76,641

Property Details

Home Type

Multi-Family

Year Built

Built in 1921

Lot Details

0

Listing Details

  • CapRate: 5.49
  • Property Attached: Yes
  • Subdivision Name Other: Downtown (DT)
  • Zoning: LBPD10
  • Property Type: Residential Income
  • Parcel Number: 7272015016
  • Year Built: 1921
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 1 Common Wall
  • Price Per Square Foot: 379.40

Exterior Features

  • Pool Private: No

Utilities

  • Laundry: No
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Curbs, Sidewalks, Suburban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 4105.00
  • Lot Size Acres: 0.0942

Multi Family

  • Gross Income: 116724.00
  • Gross Multiplier: 11.95
  • Gross Scheduled Income: 116724.00
  • Lot Size Area: 4105.0000 Square Feet
  • Net Operating Income: 76641.00
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 8
  • Operating Expense: 36582.00
  • Rent Control: No
  • Total Expenses: 36582.00
  • Vacancy Allowance: 3502

Tax Info

  • Tax Census Tract: 5758.02
  • Tax Lot: 2
  • Tax Tract Number: 4119

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Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
07/21/2022 07/21/22 Sold $1,577,000 +1.7% $423 / Sq Ft
05/11/2022 05/11/22 Pending -- -- --
05/05/2022 05/05/22 For Sale $1,550,000 +10.7% $416 / Sq Ft
03/21/2019 03/21/19 Sold $1,400,000 0.0% $379 / Sq Ft
11/29/2018 11/29/18 Off Market $1,400,000 -- --
10/19/2018 10/19/18 For Sale $1,395,000 -- $378 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB18254443

California Regional Multiple Listing Service (CRMLS)