Multifamily

6641 & 6645 Hammond Ave

6641 & 6645 Hammond Ave, Long Beach, CA 90805

Listing Price: $1,850,000

Cap Rate
4.88%
Number of Units
8
Occupancy
100.0%
Price/Unit
$231,250
Price/Gross SF
$308.33
Gross SF
6,000

Investment Overview

Marcus & Millichap is pleased to present to market 6641-6645 Hammond Avenue, a multifamily asset consisting of two fourplexes on two contiguous fourplexes in Long Beach, California. This offering presents a great opportunity for an investor to acquire a competitively priced, renovated property with a strong current return and capture 25 percent potential rental upside. 6641-6645 North Hammond Avenue comprises two two-story, 1959 construction fourplexes with all two-bedroom/one-bath units that average 750 square feet. Each unit features laundry hookups and is separately metered for gas and electricity. The property also offers eight dedicated surface parking spaces for tenants plus two guest parking spaces. Recent upgrades to to the property include a newer roof and interior renovations of six of the units. The property is located just south of the 91 Freeway and north of Artesia Boulevard between Paramount Boulevard and Obispo Avenue in a dense rental area: 75 percent of housing units with one mile are renter-occupied. Tenants enjoy convenient freeway access and a short five-minute drive to a Target.

Investment Highlights

  • Asset Comprises Two Renovated Fourplexes With All Two-Bedroom Units on Two Contiguous Parcels
  • Strong 10.16% Cash-on-Cash Return on Current Rents
  • Opportunity to Capture 25 Percent Rental Upside
  • Property Offers In-Unit Laundry Hookups and 10 Surface Parking Spaces
  • Recent Upgrades Include a Newer Roof and Interior Renovations of Six of the Units

Exclusively Listed By

Listing Price: $1,850,000

Cap Rate
4.88%
Number of Units
8
Occupancy
100.0%
Price/Unit
$231,250
Price/Gross SF
$308.33
Gross SF
6,000

Investment Highlights

  • Asset Comprises Two Renovated Fourplexes With All Two-Bedroom Units on Two Contiguous Parcels
  • Strong 10.16% Cash-on-Cash Return on Current Rents
  • Opportunity to Capture 25 Percent Rental Upside
  • Property Offers In-Unit Laundry Hookups and 10 Surface Parking Spaces
  • Recent Upgrades Include a Newer Roof and Interior Renovations of Six of the Units

Investment Overview

Marcus & Millichap is pleased to present to market 6641-6645 Hammond Avenue, a multifamily asset consisting of two fourplexes on two contiguous fourplexes in Long Beach, California. This offering presents a great opportunity for an investor to acquire a competitively priced, renovated property with a strong current return and capture 25 percent potential rental upside. 6641-6645 North Hammond Avenue comprises two two-story, 1959 construction fourplexes with all two-bedroom/one-bath units that average 750 square feet. Each unit features laundry hookups and is separately metered for gas and electricity. The property also offers eight dedicated surface parking spaces for tenants plus two guest parking spaces. Recent upgrades to to the property include a newer roof and interior renovations of six of the units. The property is located just south of the 91 Freeway and north of Artesia Boulevard between Paramount Boulevard and Obispo Avenue in a dense rental area: 75 percent of housing units with one mile are renter-occupied. Tenants enjoy convenient freeway access and a short five-minute drive to a Target.

Exclusively Listed By

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