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Listed by Christian Tait, DRE #02111248 • Marcus & Millichap RE Invest
$ 1,225,000
Est. payment | /mo
$ 1,225,000
Est. payment | /mo
Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID CROC26101046
Year Built 1959
Property Sub-Type Fourplex
Source California Regional MLS
Property Description
6645 Hammond Avenue is a 4-unit multifamily investment property located in Long Beach, California. Built in 1959, the property consists entirely of two-bed/one-bath units, offering a desirable and efficient unit mix in a supply-constrained Southern California rental market. The adjacent 4-unit property at 6641 Hammond Avenue is also available, with each property offered at $1.225 million or both assets available together for $2.45 million, allowing investors to acquire either property individually or purchase a larger 8-unit footprint on contiguous parcels. The offering is priced at an attractive 5.76% cap rate on current rents, with projected upside to a 7.01% cap rate on market rents. This provides investors with immediate in-place yield and a clear path to improved performance through continued rent growth and more efficient income management. The property is situated on a 0.12-acre parcel and features approximately 3,000 net rentable square feet. Community amenities include in-unit laundry hookups, individual water heaters, and five surface parking spaces. The surface parking spaces are currently not separately monetized, providing a potential opportunity to create additional income through parking fees, subject to market demand and tenant considerations. In addition to exist
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Laundry Gas Hookup, In Kitchen, 30
Exterior
Garage Spaces 5.0
Pool None
Building
Lot Description Grade - Level
Water District - Public
Others
Tax ID 7120015056
Special Listing Condition Not Applicable
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Jim Black
Chief Lending Officer : Founder | License ID: NMLS633511/1065732 DRE02089890