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    424 W 9th Street

    Long Beach, CA 90813
    • $1,595,000
    • STATUS: Active
    • ON SITE: 98 days
    • ID#: SB21001212
    UPDATED: 24 min ago
    $1,595,000
    • 0
      BEDS
    • 0.09
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 3,274
      SQFT
    • $487
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1904
    County:

    School Ratings & Info

    Description

    424 W 9th St in Long Beach is a well kept 8 unit investment in the Heart of Downtown Long Beach! The subject property is surrounded by new developments where an estimated $3.5 billion is currently under construction. All the tenants are up to date on their rents, which reflects how easy to manage this property is. This is a great opportunity to own near the historic Willmore District with a fresh look to appeal to the young professionals flooding to Downtown's hip revival. 424 9th St comes with a mixture of hardwood floors, high ceilings, a sun-deck, granite countertops, and vintage built-in cabinets. The property consists of 2 buildings on a grassy 4,105 sq ft lot with (5) 1-bed/1-bath units and (3) studios. Already offering over a 4.8% CAP rate, under 200k a door, the 9th St apartments still have at least 10% upside in the rents.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-13T09:26:57.343. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Realty Masters & Associates. Licensed in the State of California, USA.
    www.mckeeregroup.com/homes/112998596
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    424 W 9th Street Long Beach, CA 90813

    • Price: $1,595,000
    • Status: Active
    • Updated: 24 min ago
    • ID#: SB21001212
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.09
    Acres
    3,274
    SQFT
    $487
    $/SQFT
    1904
    Built
    Neighborhood:
    Willmore District (Wm)
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    424 W 9th St in Long Beach is a well kept 8 unit investment in the Heart of Downtown Long Beach! The subject property is surrounded by new developments where an estimated $3.5 billion is currently under construction. All the tenants are up to date on their rents, which reflects how easy to manage this property is. This is a great opportunity to own near the historic Willmore District with a fresh look to appeal to the young professionals flooding to Downtown's hip revival. 424 9th St comes with a mixture of hardwood floors, high ceilings, a sun-deck, granite countertops, and vintage built-in cabinets. The property consists of 2 buildings on a grassy 4,105 sq ft lot with (5) 1-bed/1-bath units and (3) studios. Already offering over a 4.8% CAP rate, under 200k a door, the 9th St apartments still have at least 10% upside in the rents.
    Exterior Features

    Garage Spaces 0.00 Lot Features 6-10 Units/Acre Lot Size Dimensions 41' By 101' Lot Size Source Assessor Lot Size Units Square Feet Parking Features Carport Parking Total 0.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN No Spa Features None Spa YN No View City Lights View YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features Inside Levels Two

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 4.80 Community Features Sidewalks Country Us Electric Expense 1600.00 Elevation Units Feet Fuel Expense 1600.00 Gardener Expense 1200.00 Gross Income 120900.00 Gross Multiplier 13.19 Gross Operating Income 114855.00 Gross Scheduled Income 120900.00 Insurance Expense 1145.90 Land Lease YN No Laundry YN Yes Lot Dimensions Source Assessor Maintenance Expense 3627.00 Net Operating Income 76500.00 New Construction YN No New Taxes Expense 19938.00 Number Of Separate Electric Meters 6 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Operating Expense 114855.00 Operating Expense Percent 32.00 Professional Management Expense 6045.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Belmont Shore (Bsd) Total Actual Rent 10075.00 Total Expenses 38335.00 Trash Expense 1600.00 Vacancy Allowance Rate 5.00 Water Sewer Expense 1600.00 Water Source Public Year Built Source Assessor Zoning Lbpd10

    Listing provided courtesy of Stephen Takahashi of Lyon Stahl Investment Real Estate, Inc. and John Stiegler II of


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-13T09:26:57.343. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Realty Masters & Associates. Licensed in the State of California, USA.
     
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