Renovated Apartments in East
846 E 6th Street Long Beach, CA 90802
846 E 6th Street, Long Beach, CA, 90802
$6,400,000
For Sale
$6,400,000
24-unit apartment asset in East Village Arts District in Downtown Long Beach
Property Size11,348 SF
Lot Size0.26 Acres
Price / SF$563
Days on Market547
Property Features for 846 E 6th Street
General Information
- Standard status
- Active
- Property type
- Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
- Size
- 11,348 SF
- Elevators
- N/A
- Lot size
- 0.26 Acres
Building Details
- Stories
- 2
- Units
- 24
Listing Office
(310) 774-3740
Listed by
Robert
(310) 774-3740
Added: Jan 16, 2025 Checked: Mar 16 at 9:06 am
Investment Insights
Based on property information with market context.
Located in Long Beach's East Village Arts District, this 24-unit apartment building at 846 E. 6th Street, 90802, features a mix of eight two-bedroom, two-bathroom units; eight one-bedroom, one-bathroom units; and eight studio apartments. The building size is 11,347 square feet, situated on a 0.26-acre lot. All units have been completely renovated, including recessed lighting, new flooring, updated kitchens with stainless steel appliances and new cabinetry and countertops, and modern bathrooms with new vanities and fixtures. Each remodeled unit includes in-unit washers and dryers. Building improvements include entirely new electrical and plumbing systems. The property also features solar panels, contributing to significantly reduced utility expenses. The building is secured. With a Walk Score of 93 and a Bike Score of 91, the location provides convenient access to dining, shopping, and entertainment options. The property offers a compelling 11.49 GRM based on current rental income.
Key Highlights
- Priced at 11.49 GRM on Current Rents
- All Units Fully Renovated w/ In‑Unit Washer/Dryers
- Excellent Mix of Studio, 1BD and 2BD Units
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $367.7k | $32.40 |
| − Vacancy | −$19.1k | −$1.68 |
| EGI | $348.5k | $30.72 |
| − OpEx | −$104.6k | −$9.21 |
| NOI | $244.0k | $21.50 |
11,348 SF · lease $32.40/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$3.49M
$3.05M – $4.07M
NOI $243,979 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$3.10M
$2.71M – $3.62M
NOI $217,004 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$6.08M
$5.32M – $7.09M
NOI $425,279 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Residential income homes
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - 24-unit apartment asset in East Village Arts District in Downtown Long Beach
Where is this multifamily property located?
The property is located at 846 E 6th Street Long Beach, CA.
What is the asking price?
The asking price for this property is $6,400,000.
What are key features of this property?
This property features: Priced at 11.49 GRM on Current Rents; All Units Fully Renovated w/ In‑Unit Washer/Dryers; Excellent Mix of Studio, 1BD and 2BD Units
