Renovated Apartments in East
For Sale
$6,400,000
846 E 6th Street, Long Beach, CA 90802
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 Market651
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
Listed By:
Robert Stepp
(310) 774-3740
Added: Jan 16, 2025
Changed: Mar 16
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Review the available facts, identify missing information and prepare questions for the agent.
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$243,979
Cap Rate
3.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,879,580
$4.9M
Cap Rate 7%
$3,485,414
$3.5M
Cap Rate 9%
$2,710,878
$2.7M
Market Conditions
NOI Build-Up for 11,348 SF
Gross rent
$367.7K $32.40/SF
− Vacancy
−$19.1K −$1.68/SF
EGI
$348.5K $30.72/SF
− OpEx
−$104.6K −$9.21/SF
NOI
$244.0K $21.50/SF
Area
Long Beach, CA
Vacancy
5.20%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,879,580
Cap Rate 7%
$3,485,414
Cap Rate 9%
$2,710,878
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 authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
5,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 90802, CA
41,686
Population
25,055
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
88%
High-School Grad
6.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$72,152
Median Household Income
$52,011
Median Earnings
$1,855
Median Rent
$546,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
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
