5.5% Cap Rate Day One & 11.95 GRM! 8-unit multi-family investment in Heart of Downtown Long Beach! Don’t miss this opportunity to own in Downtown LB near $8 billion in new capital!
The property consists of 2 buildings on a large, grassy 4,105 sq. ft. lot with (5) 1-bed/1-bath units and (3) studios. The 9th Street Apartments offer the best cap rate on the market and 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 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 situated just blocks from the ocean and minutes from the $520 million dollar Civic Center redevelopment, the $250 million Queen Mary Island waterfront development, the $53 million dollar Long Beach Aquarium expansion, and dozens of other new high rise and entertainment developments planned for Downtown Long Beach.
Already offering a 5.5% cap rate, the property’s below-market rents offer any investor the opportunity to easily achieve a 6.68% cap rate and a 10.43 GRM. This turn-key asset is the perfect investment for any exchange buyer or owner looking to own a piece of one of Southern California’s last affordable beach communities.
