3117 6Th St Long Beach, CA 90814

This exceptional 9-unit apartment building presents a compelling investment opportunity in Long Beach, CA. Located at 3117 E 6th St, this property boasts a prime Eastside location, just two blocks from the thriving Fourth Street/Retro Row district. The building, constructed in 1961 and extensively renovated in 2019, comprises 6,706 square feet on a 6,534-square-foot lot. The unit mix includes two one-bedroom/one-bathroom units and seven two-bedroom/one-bathroom units, currently enjoying 100% occupancy. Each unit features modern upgrades including wood-style flooring, quartz countertops, Shaker-style cabinetry, stainless steel appliances, and high-end fixtures. Community amenities include BBQ and dining facilities. The property offers a strong NOI of $134,208, with a pro-forma NOI of $187,412 and a pro-forma cap rate of 5.68%. The asking price is $3,300,000, translating to $492.10 per square foot and $366,667 per unit. The building is zoned LBR2N and includes nine parking spaces. This turnkey asset benefits from its walkable location near numerous shops, restaurants, and boutiques, making it highly attractive to tenants. The proximity to Rose Circle Park and its historic Craftsman bungalows further enhances its desirability. This is a rare opportunity to acquire a fully renovated, high-performing multifamily property in a rapidly appreciating area. The property is offered as a 1031 exchange opportunity. The APN is 7258-029-024.