279 Redondo Ave
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279 Redondo Ave
3 Unit Apartment Building $1,800,000 ($600,000/Unit) 3.14% Cap Rate Long Beach, CA 90803
Investment Highlights
- Incredible location - Short distance to Belmont Shore "2nd street".
- Low maintenance asset with high rental demand!
- Turnkey asset - Nicely upgraded!
Executive Summary
Pride of Ownership, Three Unit, Trophy Property! Located within the highly sought after community of Belmont Heights, less than a few blocks from the Ocean and world renowned “2nd street”, which houses amazing fashion stores, high end restaurants, bars and coffee shops! The front home is a completely detached, picturesque 1920’s craftsman, featuring classic characteristics and qualities of early 20th century architecture – boasting an impressive open floor plan, built in cabinetry, an abundance of natural light with an extensive list of upgrades throughout. Several features include a beautifully remodeled kitchen, upgraded with granite counters, stylish glass tile backsplash, custom cabinetry & stainless steel appliances. Both bathrooms received extensive upgrading, which includes all new vanities, tile flooring/wainscot and all new fixtures throughout. The two rear upper level units were extensively upgraded, and are in "like new" condition! Upgrades include all new kitchens, Corion counters, mosaic tile backsplash, all new cabinetry, fixtures and stainless steel appliances. Bathrooms were tastefully upgraded with all new vanities, tile flooring/wainscot and new fixtures throughout. A complete list of upgrades has been prepared and will be provided on request.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,800,000 | Apartment Style | Garden |
| Price Per Unit | $600,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 3.14% | Building Size | 2,396 SF |
| Gross Rent Multiplier | 19.76 | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2024 |
| Property Subtype | Apartment | Parking Ratio | 2.5/1,000 SF |
| Price | $1,800,000 |
| Price Per Unit | $600,000 |
| Sale Type | Investment |
| Cap Rate | 3.14% |
| Gross Rent Multiplier | 19.76 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 2,396 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1920/2024 |
| Parking Ratio | 2.5/1,000 SF |
Unit Amenities
- Dishwasher
- Microwave
- Bay Window
- Ceiling Fans
- Crown Molding
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Stainless Steel Appliances
- Vinyl Flooring
Site Amenities
- Courtyard
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $2,095 | 550 |
| 2+2 | 1 | $3,300 | 1,340 |
1 of 1
Walk Score®
Walker's Paradise (92)
Bike Score®
Very Bikeable (81)
zoning
| Zoning Code | LBCNR (LBCNR) |
| LBCNR (LBCNR) |
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279 Redondo Ave
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