Language and Region
Currency

This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.

Email*

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

Send me a copy

914 characters remaining

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

Three Contiguous Buildings | Total of 8 Units 219-223 W 9th St

8 Unit Block of Flats £1,909,248 (£238,656/Unit) 6.18% Net Initial Yield Long Beach, CA 90813

.mosaic-column{display:inline-block!important;height:100%!important;width:auto!important}.mosaic-tile i{display:none!important}.mosaic-tile img{height:100%!important;width:auto!important}

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	£1,909,248	Apartment Style	Low Rise
Price Per Unit	£238,656	Building Class	C
Sale Type	Investment	Lot Size	0.17 AC
Net Initial Yield	6.18%	Building Size	6,365 SF
Gross Rent Multiplier	11.42	Number of Floors	2
No. Units	8	Year Built	1929
Property Type	Residential	Parking Ratio	2.04/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	£1,909,248
Price Per Unit	£238,656
Sale Type	Investment
Net Initial Yield	6.18%
Gross Rent Multiplier	11.42
No. Units	8
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	0.17 AC
Building Size	6,365 SF
Number of Floors	2
Year Built	1929
Parking Ratio	2.04/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.