117 W 9th St, Long Beach, CA 90813

$1,399,900
10
BD
4
BA
3,240
SqFt

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List Price
$1,399,900
MLS#
26870367
Year Built
1918
Bedrooms
10
Bathrooms
4
Living Sq. Ft
3,240
Lot Size
2,502
Days on Market
34
Property Type
Multifamily
Style
Traditional
Stories
2

Property Description

RARE 4-UNIT OWNER-USER, VALUE-ADD & PORTFOLIO OPPORTUNITY! Offered at $1,399,900, 117 W. 9th Street presents a unique opportunity to acquire a Long Beach multifamily property with TWO VACANT 2-BEDROOM UNITS. 50% OF THE PROPERTY AVAILABLE FOR IMMEDIATE OCCUPANCY OR LEASE-UP! The two currently occupied units generate $3,355 per month / $40,260 annually, with existing rents of $1,995 and $1,360. This provides established income from day one while leaving TWO 2-BEDROOM UNITS VACANT and available for a new owner to immediately reposition, improve, occupy, or lease at current market rents, subject to applicable laws. For an OWNER-USER, the opportunity is particularly compelling: occupy one of the vacant 2-bedroom units while receiving rental income from the occupied units and retaining an additional vacant 2-bedroom unit for future rental income. For an INVESTOR, 50% vacancy creates the opportunity to immediately address a significant portion of the property's income potential rather than waiting for existing tenants to vacate. Current annual operating expenses are approximately $17,390, with current NOI of approximately $22,870 BEFORE ANY INCOME FROM THE TWO VACANT UNITS. The property's current financial performance therefore reflects only 50% physical occupancy and should be evaluated together with the potential income available through lease-up of the two vacant units. Multiple strategies are available: OWNER-OCCUPY, LEASE-UP, RENOVATE, VALUE-ADD, HOLD, or 1031 EXCHANGE. Existing income + two vacant 2-bedroom units + immediate control of 50% of the units creates a compelling opportunity for a buyer seeking long-term upside. PORTFOLIO SALE: 117 W. 9th Street is being offered as part of a portfolio sale together with 1089 E. 7th Street, Long Beach, providing an opportunity to acquire multiple Southern California multifamily assets. Contact listing agent for portfolio details and terms.1031 EXCHANGE: Seller intends to complete an IRC Section 1031 Tax-Deferred Exchange. Buyer to cooperate with Seller's 1031 Exchange at no cost or liability to Buyer. Buyer to independently verify all rents, expenses, vacancies, market rents, square footage, unit configuration, permits, zoning, financial information, and owner-occupancy requirements.

Additional Information

Lot Description
Lot Shape-Rectangular, Street Lighting, Street Paved, Alley Paved, Corners Established, Curbs
Other Buildings
None
Pool Description
None
Heat
Natural Gas
Cooling
None
View
None
Exterior Construction
Stucco
Number of Cars in Garage
On street
Water
Water District
School District
Long Beach Unified

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Calculator source: Real Geeks

Courtesy of eXp Realty of California Inc, Kory Jackson - CA DRE#01315324

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