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246 E Hullett St 4 Unit Apartment Building $1,748,535 CAD ($437,134 CAD/Unit) 3.72% Cap Rate Long Beach, CA 90805
INVESTMENT HIGHLIGHTS
- Attractive Rental Location on a Quiet Residential Street
- Private Patio, Garages & Laundry Room
- Located near Trader Joes and Other Retail Amenities
- Substantial Rental Upside
- Convenient Access to the 710 & 91 Freeways
EXECUTIVE SUMMARY
Morgan Skenderian is pleased to present 246 East Hullett Street, a secure 4-unit apartment building in the heart of vibrant Long Beach, California. Built in 1942, the property consists of spacious one- & two-bedroom units. For added convenience, the property features an on-site laundry facility as well as (4) garage spaces for tenant use. This apartment building offers residents easy access to retail amenities including Trader Joe’s, banks, and the charming eateries of Bixby Knolls. With convenient access to the 91, 710 & 405 Freeways, commuting to other parts of the city is effortless. Priced at $318,750/unit for this unit mix, this property is one of the more attractive opportunities on the market. Further, through renovation of the units and increases on below market rents, this property offers phenomenal value appreciation and exceptional future cash flow.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$115,033
|
$29.62
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$115,033
|
$29.62
|
| Taxes |
$23,559
|
$6.07
|
| Operating Expenses |
$23,031
|
$5.93
|
| Total Expenses |
$46,591
|
$12.00
|
| Net Operating Income |
$68,442
|
$17.62
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $115,033 |
| Annual Per SF | $29.62 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $115,033 |
| Annual Per SF | $29.62 |
| Taxes (CAD) | |
|---|---|
| Annual | $23,559 |
| Annual Per SF | $6.07 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $23,031 |
| Annual Per SF | $5.93 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $46,591 |
| Annual Per SF | $12.00 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $68,442 |
| Annual Per SF | $17.62 |
PROPERTY FACTS
| Price | $1,748,535 CAD | Apartment Style | Garden |
| Price Per Unit | $437,134 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 3.72% | Building Size | 3,884 SF |
| Gross Rent Multiplier | 15.2 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1942 |
| Property Subtype | Apartment | Parking Ratio | 1.03/1,000 SF |
| Price | $1,748,535 CAD |
| Price Per Unit | $437,134 CAD |
| Sale Type | Investment |
| Cap Rate | 3.72% |
| Gross Rent Multiplier | 15.2 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 3,884 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1942 |
| Parking Ratio | 1.03/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $1,914 CAD | - |
| 2+1.5 | 1 | $3,840 CAD | - |
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PROPERTY TAXES
| Parcel Number | 7125-030-011 | Total Assessment | $1,672,949 CAD (2025) |
| Land Assessment | $493,777 CAD (2025) | Annual Taxes | $23,559 CAD ($6.07 CAD/SF) |
| Improvements Assessment | $1,179,171 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
7125-030-011
Land Assessment
$493,777 CAD (2025)
Improvements Assessment
$1,179,171 CAD (2025)
Total Assessment
$1,672,949 CAD (2025)
Annual Taxes
$23,559 CAD ($6.07 CAD/SF)
Tax Year
2024
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246 E Hullett St
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