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246 E Hullett St 4 Unit Apartment Building Offered at $1,275,000 at a 3.72% Cap Rate Long Beach, CA 90805
INVESTMENT HIGHLIGHTS
- Attractive Rental Location on a Quiet Residential Street
- Private Patio, Garages & Laundry Room
- Located near Trader Joes and Other Retail Amenities
- Substantial Rental Upside
- Convenient Access to the 710 & 91 Freeways
EXECUTIVE SUMMARY
Morgan Skenderian is pleased to present 246 East Hullett Street, a secure 4-unit apartment building in the heart of vibrant Long Beach, California. Built in 1942, the property consists of spacious one- & two-bedroom units. For added convenience, the property features an on-site laundry facility as well as (4) garage spaces for tenant use. This apartment building offers residents easy access to retail amenities including Trader Joe’s, banks, and the charming eateries of Bixby Knolls. With convenient access to the 91, 710 & 405 Freeways, commuting to other parts of the city is effortless. Priced at $318,750/unit for this unit mix, this property is one of the more attractive opportunities on the market. Further, through renovation of the units and increases on below market rents, this property offers phenomenal value appreciation and exceptional future cash flow.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$83,880
|
$21.60
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$83,880
|
$21.60
|
| Taxes |
$17,179
|
$4.42
|
| Operating Expenses |
$16,794
|
$4.32
|
| Total Expenses |
$33,973
|
$8.75
|
| Net Operating Income |
$49,907
|
$12.85
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $83,880 |
| Annual Per SF | $21.60 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $83,880 |
| Annual Per SF | $21.60 |
| Taxes | |
|---|---|
| Annual | $17,179 |
| Annual Per SF | $4.42 |
| Operating Expenses | |
|---|---|
| Annual | $16,794 |
| Annual Per SF | $4.32 |
| Total Expenses | |
|---|---|
| Annual | $33,973 |
| Annual Per SF | $8.75 |
| Net Operating Income | |
|---|---|
| Annual | $49,907 |
| Annual Per SF | $12.85 |
PROPERTY FACTS
| Price | $1,275,000 | Apartment Style | Garden |
| Price Per Unit | $318,750 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 3,884 SF |
| Cap Rate | 3.72% | Average Occupancy | 100% |
| Gross Rent Multiplier | 15.2 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1942 |
| Property Type | Multifamily | Parking Ratio | 1.03/1,000 SF |
| Price | $1,275,000 |
| Price Per Unit | $318,750 |
| Sale Type | Investment |
| Cap Rate | 3.72% |
| Gross Rent Multiplier | 15.2 |
| No. Units | 4 |
| Property Type | Multifamily |
| Apartment Style | Garden |
| Lot Size | 0.09 AC |
| Building Size | 3,884 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1942 |
| Parking Ratio | 1.03/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $1,396 | - |
| 2+1.5 | 1 | $2,800 | - |
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246 E Hullett St
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