421 9Th StLong Beach, CA 90813

Property Details for 421 9Th St

Year built

1973

Construction

WOOD

Lot size

0.22 AC

Property size (Sq ft)

11,803 SF

Zone code

LBR4N

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

7273-010-021

APU

7273010021

Description

This exceptional 15-unit apartment building, located at 421 E. 9th Street in desirable Downtown Long Beach, California (90813), presents a compelling investment opportunity. Built in 1973, this two-story property boasts 11,803 square feet on a 9,516 square foot lot and features a mix of spacious one, two, and three-bedroom units. Four units have undergone complete renovations, showcasing updated kitchens, bathrooms, and laminate wood flooring. The property includes ample parking with eight individual garages and six surface spaces, currently generating income. The garages offer significant potential for conversion into Accessory Dwelling Units (ADUs), further enhancing rental income. Recent capital expenditures include a new APOC Silicone Roof System, a new digital intercom system and front door repair, and an upgraded elevator motor system. The building offers a strong current NOI of $226,536, with a pro-forma NOI of $280,189, resulting in a 5.21% cap rate and a pro-forma cap rate of 6.44%. The asking price is $4,350,000, or $290,000 per unit. A 3.29% assumable loan is available. With a Walk Score of 95, this property enjoys a prime location in Downtown Long Beach, providing convenient access to a wealth of amenities. The property's APN is 7273-010-021. This is a rare opportunity to acquire a well-maintained multifamily asset with significant upside potential in a highly sought-after location.

• CAP approach

  CAP return

  Valuation

  6%

  $3,473,481

  6.5%

  $3,206,290

  7%

  $2,977,270

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,835,628

  Geo Method

  $5,835,628

• Alternative Use

  Use

  Valuation

  Residential

  $3,206,290

  Hospitality

  $2,936,944

  Educational

  $2,443,503

  Medical

  $2,527,539

  Retail

  $3,801,005

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.778

Longitude

-118.187

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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