209 Mira Mar Ave - Prime Four Plex in LB! - 209 Mira Mar Ave 4 Unit Apartment Building Offered at $1,350,000 at a 3.15% Cap Rate Long Beach, CA 90803

209 Mira Mar Avenue is a four-unit Spanish-style income property located in the heart of Belmont Heights, one of Southern California's most desirable coastal rental markets. Situated just three blocks from the Pacific Ocean and within walking distance to Alamitos Bay Beach, Bluff Park, and the shops and dining along 2nd Street, the location consistently drives strong tenant demand and historically low vacancy. This is a market where units lease quickly and tenant profiles remain stable. The property consists of two 2-bedroom / 1.5-bath townhouse-style units and two 1-bedroom / 1-bath units totaling approximately 3,604 rentable square feet. All four units are currently occupied on month-to-month leases with rents averaging approximately 43% below market, presenting a clear and achievable path to increased income. Since 2020, ownership has completed a series of meaningful capital improvements totaling over $90,000, including a full roof replacement (2025), sewer line upgrades and crawl space re-piping, exterior repaint with wood repair (2023), a renovated Unit D bathroom (2025), new water heaters with updated plumbing components (2024-2025), and prior system upgrades including gas line replacement, flooring improvements, and seismic retrofit work. The result is a well-maintained asset with major systems addressed and minimal deferred maintenance. In addition to the residential units, the property features five on-site garages at the rear of the parcel, offering additional income potential and strong tenant appeal in a neighborhood where parking is at a premium. With clean infrastructure, below-market rents, and a highly walkable coastal location, 209 Mira Mar Avenue offers investors a rare opportunity to acquire a stabilized asset with immediate upside and long-term growth in one of Long Beach's most supply-constrained submarkets.