845 6Th StLong Beach, CA 90802

Property Details for 845 6Th St

Year built

1924

Construction

WOOD

Lot size

0.19 AC

Property size (Sq ft)

11,346 SF

Zone code

LBPD30

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

7274-019-026

APU

7274019026

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,338,991

  6.5%

  $3,082,146

  7%

  $2,861,992

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,609,678

  Geo Method

  $5,609,678

• Alternative Use

  Use

  Valuation

  Residential

  $3,082,146

  Hospitality

  $2,823,229

  Educational

  $2,348,894

  Medical

  $2,429,676

  Retail

  $3,653,834

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.7745

Longitude

-118.181

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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