621 E 6th Street, Long Beach, CA 90802

$2,600,000
List Price
$2,600,000
Status
COMING SOON
MLS#
SB21202156
Year Built
1923
Lot Size
7,437
Acres
0.17
Lot Location
Item01UnitAcre
Days on Market
13
Property Type
Multifamily

Property Description

Partially remodeled, and cash flowing 11-Unit located just outside of the Booming Downtown Long Beach. With room to grow the remaining, nonremodeled units, this asset is an ideal opportunity for any investor looking to capitalize on the remaining improvements available and increase the current cash flow. With 8,136 Sq.Ft of rentable space, the 6th St. Apartments have spacious units, including a Remodeled 3-Bd/2-Ba House. The remaining (10) units are comprised of (1) 2-Bd/2-Ba, (7) 1-Bd/1-Ba, & (2) Studios, where Two of the 1- Bd/1-Ba have also been Remodeled. The (3) remodeled units have been fully gutted, and include hardwood flooring, new cabinets, and brand new stainless steel appliances. Opportunity to add ADU 1Bed + 1Bath unit and increase monthly cash-flow. With all rents in place, the property is currently at a 4.51% Cap and 14.15 GRM. With nearly 30% rental upside available, the new buyer has a chance to achieve a 6.96% Cap and 10.42 GRM on proforma rents. All tenants are currently paying! This is the perfect opportunity for the new owner to capitalize on turning the remaining units one by one, while being supported by strong monthly income from the other units. The upside in the Long Beach Market is limitless, with $6 Billion in new capital pouring into projects such as the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific, and Queen Mary Island.

Additional Information

Pool Description
None
Garage Spaces Total
2
Sewer
Public Sewer
Water
Public
Number Of Units Total
11
Gross Scheduled Income
$183,744
Operating Expense
61052

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Cameron Samimi from Lyon Stahl Investment Real Estate, Inc.

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.