Description

The subject is a mixed-use complex with a prime location in the very desirable Belmont Heights neighborhood of Long Beach, California. The Property includes one, two-story building constructed in 1923 and renovated on multiple occasions. The building totals 7,701 sf in size and is situated on a level, rectangular 5,414 sf parcel on the southwest corner of East 4th Street, and Ximeno Avenue. The Property has nine, one-bedroom/one bath apartment units plus an approximately 1,500 square foot commercial suite located on the first floor at the hard corner. The commercial unit is leased to Egg Heaven Cafe, which opened in 1969 and is considered to be one of the most well-known and loved breakfast diners in the city. East 4th Street is a a busy mixed-use street developed with retail, office, multi-residential units and a few single-family homes. It is one of the main east/west traffic corridors through the neighborhood. 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 north of the Property. The 229-acre, city-owned Recreation Park is located one-quarter mile to the east and features a community center, two golf courses, a tennis center, fishing pond and a baseball stadium. The heart of trendy Belmont Shore is three quarters of a mile to the south. California State University, Long Beach is located one and one-quarter miles to the northeast. City Beach, Bluff Park and the Belmont Pier are less than one mile to the south. Long Beach Municipal Airport is located less than three miles to the north. 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. 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 and supply-chain service jobs. This is the first offering for sale of the Property since the current Owner acquired it in 2004. The property is fully-occupied and rarely has vacant units. Current apartment rental rates are below market and range up to $1,695 per month. The property is subject only to State of California rent control. Most tenants occupy units on a month-to-month basis.