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Listed by Christian Tait • Marcus & Millichap RE Invest
$ 1,225,000
Est. payment /mo
Price Dropped by $25K
6641 Hammond Avenue Long Beach, CA 90805
3,000 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 3,000 sqft
Price per Sqft $408
Subdivision North Long Beach
MLS Listing ID OC-26101020
Year Built 1959
Lot Size 5,227 Sqft
Property Sub-Type Quadruplex
Source California Regional Multiple Listing Service (CRMLS)
Property Description
6641 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 6645 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 5.66% cap rate on current rents, with projected upside to a 6.93% 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 existing income upside, the rear parking area may offer ground-up Accessory Dwelling Unit (ADU) development potential. A new owner may be able to explore the addition of one or more accessory dwelling units to increase rentable square footage and long-term income, subject to Long Beach requirements, site constraints, parking considerations, and approval from the appropriate municipal authorities. 6641 Hammond Avenue benefits from a central Long Beach location with convenient access to surrounding employment centers, retail corridors, and neighboring cities including Paramount and Bellflower. Residents are just 0.60 miles from a Target and Food 4 Less anchored retail center along Cherry Avenue, providing convenient access to everyday shopping and essential services. The property is also located approximately 2.5 miles from Lakewood Center, one of the area's major shopping destinations and employment hubs, offering a wide range of retail, dining, and service-oriented amenities. Overall, 6641 Hammond Avenue represents an attractive Long Beach multifamily opportunity with strong in-place returns, market-rent upside, unmonetized parking income potential, and possible ADU upside.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Laundry Gas Dryer Hookup, In Kitchen, Washer Hookup
Exterior
Pool None
Community Features Curbs, Gutters, Sidewalks, Street Lights
Building
Lot Description Level with Street
Sewer Public Sewer
NEARBY SCHOOLS & PROPERTIES
Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944