For Sale
$6,400,000

845 6Th StLong Beach, CA 90802

24-Unit Apartment Building, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 24-unit apartment building in Long Beach's vibrant East Village Arts District presents a compelling investment opportunity. Boasting a total of 11,346 square feet on an 8,431 square foot lot, this property offers a diverse mix of studio, one-bedroom, and two-bedroom units, all fully renovated with modern amenities. Each unit features in-unit washer/dryers, updated kitchens with stainless steel appliances and new countertops and cabinetry, and stylish bathrooms with contemporary fixtures. Significant building improvements include brand new electrical and plumbing systems, contributing to low utility expenses further enhanced by the installation of solar panels. The secured-access building benefits from a prime location with a Walk Score of 93 and a Bike Score of 91, providing easy access to a wealth of dining, shopping, and entertainment options. Currently generating a NOI of $369,333, with a pro-forma NOI of $401,495, this property offers a 5.77% cap rate and a pro-forma cap rate of 6.27%. The asking price is $6,400,000, representing a price per unit of $266,666.67 and a current GRM of 11.49. Built in 1924, this property combines historic charm with modern upgrades, making it an attractive investment for discerning buyers. The property's APN is 7274-019-026.

Highlights

  • $6,400,000 asking price, 5.77% cap rate (6.27% pro-forma).
  • 24-unit apartment building with a mix of studio, one-bedroom, and two-bedroom units.
  • All units fully renovated with in-unit washer/dryers.
  • New electrical and plumbing systems, and solar panels for low utility costs.
  • Secured building in Long Beach's East Village Arts District; 93 Walk Score, 91 Bike Score.

Property Details for 845 6Th St

Property type
Apartment buildings
Square Feet
11,346 SF
Year Built
1924
Units
24

Location Insight

City
Long Beach
County
Los Angeles
State
California
Latitude
33.7744464
Longitude
-118.1813194
845 6Th St, Long Beach, California

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845 6Th St
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