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561 E 64th St 16 Unit Apartment Building $2,825,000 ($176,563/Unit) 6.18% Cap Rate Long Beach, CA 90805
Investment Highlights
- Strong in place income at a 6.18% cap rate and a 9.19 GRM
- 18% upside in rents to market rate
- Under a $1,000,000 down payment required- great opportunity for a 1031 exchange buyer or smaller operator
- Low basis for an investor – $176k per unit and $283 per square foot
- Separately metered for gas and electricity
- Property has been extensively replumbed with pex and copper
Executive Summary
Young Lewin Advisors is pleased to present 561 E. 64th Street, a 1960-construction 16 unit multifamily property located in North Long Beach to market. The property sits on a large 14,552 square foot lot and consists of 16 one bed/one bath units. Operating at a 6.18% cap rate and a 9.19 GRM, in place income is strong. The offering is priced at an attractive low basis of $176,563 per unit and $283 per square foot, positioning the asset below replacement cost and comparable sales in the market. Sixteen covered parking spaces are on site. Current rents remain approximately 18% below market, allowing further upside for a new buyer.
The property has recently been extensively replumbed with new pex and copper throughout.
Favorable market financing is available, requiring under a $1,000,000 down payment with the ability to achieve over a 7% cash-on-cash return utilizing interest-only financing (buyer to verify). The property is ideally situated directly across the street from Jordan High School, within a well-established residential corridor of North Long Beach.
The property has recently been extensively replumbed with new pex and copper throughout.
Favorable market financing is available, requiring under a $1,000,000 down payment with the ability to achieve over a 7% cash-on-cash return utilizing interest-only financing (buyer to verify). The property is ideally situated directly across the street from Jordan High School, within a well-established residential corridor of North Long Beach.
Property Facts
| Price | $2,825,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $176,563 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 6.18% | Building Size | 9,964 SF |
| Gross Rent Multiplier | 9.19 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Zoning | R4R, Long Beach | ||
| Price | $2,825,000 |
| Price Per Unit | $176,563 |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| Gross Rent Multiplier | 9.19 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 9,964 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1/1,000 SF |
| Zoning | R4R, Long Beach |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 622 |
1 1
Walk Score®
Very Walkable (74)
Bike Score®
Very Bikeable (78)
Property Taxes
| Parcel Number | 7115-028-006 | Improvements Assessment | $963,136 |
| Land Assessment | $434,490 | Total Assessment | $1,397,626 |
Property Taxes
Parcel Number
7115-028-006
Land Assessment
$434,490
Improvements Assessment
$963,136
Total Assessment
$1,397,626
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561 E 64th St
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