117 W 9th Street,Long Beach, CA 90813
Long Beach, CA 90813
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 $16,800, with current NOI of approximately $23,460 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.
Details
| MLS # | 26870367 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Coming Soon |
| Year | 1918 |
| Days On Site | 17 |
| Listing Provided By | eXp Realty of California Inc | Kory Jackson |
Features
| Bed(s) | 10 |
|---|---|
| Bath(s) | 4 |
| SQ Feet | 3,240 |
| Story(s) | 2 |
| Units | 4 |
| Building(s) | 1 |
| Zoning | LBR4N |
| Acreage | 0.06 |
| Property View | None |
Interior
| Cooling | None |
|---|---|
| Heating | Natural Gas |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
| Fireplace Yes / No | No |
Exterior
| Roof | Composition |
|---|---|
| Security Features | Carbon Monoxide Detectors, Smoke Detectors |
| Construction Materials | Stucco |
| Foundation Details | Raised |
| Lot Features | Corners Marked, Rectangular Lot |
Parking
| Parking Features | On Street |
|---|---|
| Garage Yes / No | No |
Utilities
| Sewer | Other |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90813) | |
Price: $1,399,900 low | high Med: $1,500,000 sqft: 3,240 low | high Med: 1,057 $ / sqft: $432 low | high Med: $1,419 On site: 17 low | high Med: 65 | |
Market Activity 90813
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90813) | |
Price: $1,399,900 low | high Med: $1,500,000 sqft: 3,240 low | high Med: 1,057 $ / sqft: $432 low | high Med: $1,419 On site: 17 low | high Med: 65 | |
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