Lyon | Stahl is pleased to present this excellent 8 unit investment opportunity at 424 W. 9th Street, Long Beach, CA.
The property consists of 2 buildings on a large grassy 4,100 square ft. lot with (5) 1-bed/1-bath units and (3) studios. The 9th Street Apartments not only offer the best cap rate available on the market but are complimented by beautiful landscaping and upgraded units. The units come with a mixture of hardwood floors, high ceilings, a sun-deck, granite counter tops, and vintage built-in cabinets. This property captures all of the beauty of the historic Willmore district with a fresh look to appeal to the young professionals flooding to downtown Long Beach’s hip revival.
The 9th Street Apartments are located just minutes from the $520 million dollar Civic Center redevelopment, the $250 million Queen Mary Island entertainment complex, the $53 million dollar Long Beach Aquarium refresh, and dozens of other new high rise and entertainment developments planned for downtown Long Beach. Walkscore.com already gives the 9th Street Apartments an 89 for its close proximity to current restaurants, transit, and entertainment options and with the 2.5 billion in developments coming to the surrounding area, this property is primed to reap the benefits.
Already offering the best cap rate available, these below market rents offer any investor the chance to to achieve a 6% cap rate and a 11 GRM. This is the perfect asset for any exchange buyer or owner looking for a turn-key, cash flowing asset in LA’s last affordable beach town.
