6641 Hammond Avenue is a 4-unit multifamily investment property located in Long Beach, California. The adjacent 4-unit property at 6645 Hammond Avenue is also available, with each property offered at $1.25 million or both assets available together for $2.5 million, allowing investors to acquire either property individually or purchase a… Read More larger 8-unit footprint on contiguous parcels. 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 offering is priced at an attractive 5.52% cap rate on current rents, with projected upside to a 6.77% 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. Read Less
Property listed by Marcus & Millichap RE Invest, Christian Tait 310-259-7556
Listing Snapshot
Days Online
0
Last Updated
Property Type
Quadruplex
Lot Size
0.12 Acres
Year Built
1959
MLS Number
OC26101020
Additional Details
Building
Built in 1959, 1 building, 2 stories, Levels: Two, Entry level: 1, Entry location: First level
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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