Centennial Advisers is proud to offer a 8-unit apartment in Downtown Long Beach. The subject property is located at 463 W. 6th Street, one block East of Magnolia. and one block South of 7th Street. This investment consists of 6 studio units and 2 one bedrooms/ one-bathroom units. Built in 1923, this property is a two-story walk-up style, style building with a basement used for storage. With approximately 4,001 rentable square feet, and a lot size of 2,533 sq. ft. The property is individually metered for gas and electricity the property offers a desirable unit mix for working class individuals or students.
Located within close proximity to numerous forms of public transportation, strong Walk Score of 85 indicating most errands can be accomplished by foot, over 3.5 billion dollars under construction, new restaurants and a strong downtown shopping corridor this property offers an investor the rare opportunity to acquire an income property in the path or redevelopment. With rents 46% below market, an investor looking to “add value” could dramatically improve their cash flow by upgrading the units, bumping rents up to market rate, and thus making this acquisition a valuable addition to any investor’s portfolio.
