930 Belmont Ave Long Beach, CA 90804

Property Details for 930 Belmont Ave

Year built

1931

Property size

3,794 SF

Property type

Commercial real estate

Description

This exceptional four-unit apartment building, located at 930 Belmont Ave in Long Beach, California's desirable Belmont Heights neighborhood, presents a rare investment opportunity. Completely renovated in 2023, the property boasts a total of 3,794 square feet on a 5,851 square foot lot. The building features four identical two-bedroom, one-bathroom units, each renting for $2,800 per month. Each unit showcases high-end finishes including hardwood floors, stainless steel appliances, granite countertops, recessed lighting, and central air conditioning and heating. Significant capital improvements exceeding $1 million were invested, encompassing a new roof, plumbing, electrical systems, and the installation of five new electric and gas meters, minimizing utility expenses for the owner. The property also includes four detached one-car garages in the rear alley, presenting a compelling opportunity for Accessory Dwelling Unit (ADU) conversion. Built in 1931, this Spanish-style building offers a 4.02% cap rate and is priced at $2,300,000 ($606.22 per square foot). Its prime location near Belmont Shore provides convenient access to upscale dining and retail options, ensuring strong rental demand and long-term growth potential. The property's meticulous renovation, desirable unit mix, and advantageous location combine to create a compelling investment prospect with significant capital appreciation potential.