561 E 64th St

Highlights:

• 1960 construction property in North Long Beach
• Strong in place income at a 6.18% cap rate and a 9.19 GRM
• Low basis for an investor- $176k per unit and $283 per square foot
• 17 covered parking spaces on property
• 18% upside in rents to market rate
• Separately metered for gas and electricity
• Under a $1,000,000 down payment required with the ability to achieve over a 7% cash on cash return with interest only financing
• Across the street from Jordan High School

Description:

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 approximately $176,563 per unit and $283 per square foot, positioning the asset below replacement cost and comparable sales in the market.
17 covered parking spaces are on site, supporting tenant demand and long-term stability. Current rents remain approximately 18% below market, with the property operating at an 8% with rents fully at market.
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. The property is ideally situated directly across the street from Jordan High School, within a well-established residential corridor of North Long Beach.

North Long Beach

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