Description

Exciting opportunity to acquire the prime Belmont Shore apartment building located at 40 Ximeno Avenue in Long Beach! This asset is just five parcels from Ocean Avenue and the sand in a sought-after affluent coastal market. Current rents are 50 percent below market, making this an excellent value-add opportunity in a high demand submarket. 40 Ximeno Avenue offers a diverse mix of one studio with a large walk-in closet, four one-bedroom/one-bath units, and one two-bedroom/one-bath unit with a den. Of the six units, five feature new vinyl plank flooring and four boast new showers. The property also features a newer roof, laundry facilities, one covered parking space, and a storage space. The building’s outstanding location offers residents enviable proximity to quintessential California living amenities: the beach, Belmont Plaza Pool, Belmont Pier, and the vibrant Second Street corridor’s dining, retail and entertainment. This area has a strong and steady tenant base with an average household income over $140,000. Rental demand is further supported by proximity to Cal State Long Beach, employers, and freeways.

Property details

Year built

1949

Property type

Residential Income

Lot size

3,148 sqft

Location

40 Ximeno • Long Beach, CA 90803

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Listed by

Steven Bogoyevac · Steven M. Bogoyevac, Broker

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Closed sales reported in 90803, nearest first, last 12 months. All recent sales in Long Beach →

Residential Income - 40 Ximeno, Long Beach, CA