810 Belmont Ave 7 Unit Apartment Building $2,100,000 ($300,000/Unit) 4.49% Cap Rate Long Beach, CA 90804

The subject is a seven-unit apartment complex with a prime location in the very desirable Belmont Heights neighborhood of Long Beach, California. The Property includes two, two-story woodframe and stucco apartment buildings constructed in 1948 and renovated on multiple occasions. The buildings total 5,554 square feet in size and are situated on a level, rectangular 5,852 square foot parcel fronting on Belmont Avenue. The front building, 810 Belmont Avenue, has four, two-bedroom/two bath apartment units. The rear building, 812 Belmont Avenue, has one studio, one, one bedroom/one bath and one, three-bedroom/two bath apartment units. There is a landscaped yard at the front of the Property and a shared, landscaped yard between the two buildings as well as a two-car garage served by a rear alley. There are a washer and a dryer in the rear building, coin-operated and leased to a service company.
Belmont Avenue is a quiet, well-landscaped street developed with a mix of single-family homes and small apartment buildings. Belmont Heights is one of the area's most sought-after coastal submarkets with a broad tenant base of young professionals, families and long-term residents. Woodrow Wilson High School is located just three blocks to the east of the Property. The 229-acre, city-owned Recreation Park is located one-quarter mile to the east and features of the park include a community center, two golf courses, a tennis center, fishing pond and a baseball stadium. The heart of trendy Belmont Shore is one mile to the south. California State University, Long Beach is located one and one-quarter miles to the east. Long Beach Municipal Airport is located two and one-half miles to the north and has non-stop flight to twenty-one cities nationwide as well as one-stop flights to 400 cities worldwide. Anduril Industries,a cutting-edge defense technology company specializing in artificial intelligence applications has recently announced that it is commencing a $1 billion redevelopment of land adjacent to the Airport, including 750,000 square feet of office space plus 435,000 square feet of industrial/research and development space. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction, services and supply-chain jobs.
This is the first offering for sale of the Property since the current Owner acquired it in 1999. The Property is fully-occupied and rarely has vacant units. Current rental rates are significantly below market and the Property is subject only to State of California rent control. Most tenants occupy units on a month-to-month basis. See attached spreadsheet for current and projected financials.