1000 Ximeno AveLong Beach, CA 90804

Property Details for 1000 Ximeno Ave

Year built

1953

Property size (Sq ft)

2,499 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This fully remodeled 4-unit apartment building, located at 1000 Ximeno Ave in Long Beach, California (zip code 90804), presents a compelling investment opportunity. The property, built in 1953, boasts a total of 2,499 square feet and features four one-bedroom, one-bathroom units. Each unit includes in-unit laundry (washer and dryer). Two ground floor units offer expansive 325-square-foot private yards, perfect for outdoor enjoyment. The property also provides ample parking with three tandem parking spots, totaling six spaces. Recent renovations encompass new flooring, appliances, countertops, bathrooms, and patios, ensuring a high-quality living experience for tenants. The asking price is $1,700,000, translating to $425,000 per unit and $680.27 per square foot. The property's current Net Operating Income (NOI) is $78,352, resulting in a 4.61% capitalization rate. This Class A multifamily property is situated in a highly desirable area of Long Beach, bordering Belmont Shore and benefiting from proximity to significant ongoing developments in the downtown area, including the Long Beach Civic Center, Long Beach Aquarium, and the OceanAire Project. This makes it an ideal investment for both owner-occupants seeking to offset mortgage costs and investors targeting a stable, high-performing asset in a strong rental market. The pro-forma NOI is $78,403, maintaining the 4.61% cap rate.

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.7791

Longitude

-118.141

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