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246 E Hullett St 4 Unit Apartment Building $1,710,281 CAD ($427,570 CAD/Unit) 3.84% 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
THE TWO BR/1.5BA UNIT WILL BE VACANT BY MARCH 1, 2026. The unit is in excellent condition with W/D Hookups and Direct-Access Two Car Garage.
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 $311,250/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.
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 $311,250/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 |
$115,228
|
$29.67
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,456
|
$0.89
|
| Effective Gross Income |
$111,771
|
$28.78
|
| Taxes |
$23,076
|
$5.94
|
| Operating Expenses |
$23,070
|
$5.94
|
| Total Expenses |
$46,146
|
$11.88
|
| Net Operating Income |
$65,625
|
$16.90
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $115,228 |
| Annual Per SF | $29.67 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $3,456 |
| Annual Per SF | $0.89 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $111,771 |
| Annual Per SF | $28.78 |
| Taxes (CAD) | |
|---|---|
| Annual | $23,076 |
| Annual Per SF | $5.94 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $23,070 |
| Annual Per SF | $5.94 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $46,146 |
| Annual Per SF | $11.88 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $65,625 |
| Annual Per SF | $16.90 |
Property Facts
| Price | $1,710,281 CAD | Apartment Style | Garden |
| Price Per Unit | $427,570 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 3.84% | Building Size | 3,884 SF |
| Gross Rent Multiplier | 14.84 | Average Occupancy | 75% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1942 |
| Property Subtype | Apartment | Parking Ratio | 1.03/1,000 SF |
| Price | $1,710,281 CAD |
| Price Per Unit | $427,570 CAD |
| Sale Type | Investment |
| Cap Rate | 3.84% |
| Gross Rent Multiplier | 14.84 |
| 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 | 75% |
| 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 | $1,918 CAD | - |
| 2+1.5 | 1 | $3,846 CAD | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 7125-030-011 | Total Assessment | $1,646,788 CAD (2025) |
| Land Assessment | $486,056 CAD (2025) | Annual Taxes | $23,076 CAD ($5.94 CAD/SF) |
| Improvements Assessment | $1,160,732 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
7125-030-011
Land Assessment
$486,056 CAD (2025)
Improvements Assessment
$1,160,732 CAD (2025)
Total Assessment
$1,646,788 CAD (2025)
Annual Taxes
$23,076 CAD ($5.94 CAD/SF)
Tax Year
2024
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246 E Hullett St
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