Listed by Marcus & Millichap - South Bay
$1,655,000
246 Newport Ave
Details
APN 7264001031
Property Type Multifamily
Sub Type Apartment Building
Square Footage 2,400
Net Rentable (SqFt) 2,400
Units 4
Cap Rate 4.34%
NOI $71,775
Tenancy Multi
Pro-Forma Cap Rate 4.9%
Pro-Forma NOI $81,087
Price per SqFt $690
Year Built 1922
Buildings 3
Stories 2
Acreage 0.156
Zoning Assessor
Ideal Owner-User Opportunity in Desirable Belmont Heights
Marketing description
Marcus & Millichap is pleased to present 246 Newport Avenue, a charming four-unit investment opportunity in Long Beachs highly desirable Belmont Heights neighborhood, which is known for its tree-lined streets, Craftsman architecture, and strong tenant appeal. The property features a two-bedroom/one-bath single-family home, a duplex containing one studio and one one-bedroom unit with an office, and a studio above a two-car garage. Tenants also enjoy a shared backyard. 246 Newport Avenue boasts an exceptional rental location just four blocks from Bluff Park and the beach, walkability to popular restaurants along Broadway, and less than one mile from the vibrant dining, retail and entertainment corridor on Second Street. Its proximity to California State University, Long Beach, recreation, freeway access, and employers support consistent rental demand. The property has been professionally managed and provides stable in-place cash flow with potential upside. The two-bedroom home presents an ideal opportunity for a new owner to occupy the home and utilize rental income of the apartment units to offset mortgage costs.
Investment highlights
- Ideal Owner-Occupant Opportunity: The two-bedroom home can be delivered vacant, offering a new owner the chance to occupy the home and utilize rental income to offset the mortgage
- Two-Bedroom Home Plus Three Apartments: Asset consists of a two-bed home, a duplex with one studio and one one-bed with an office, and a third building with a studio above a two-car garage
- Prime Belmont Heights Location: Situated in one of Long Beach’s most desirable coastal neighborhoods, known for its tree-lined streets, classic Craftsman architecture, and strong rental demand
- Exceptional Walkable Coastal Setting: Just four blocks to Bluff Park and the beach, walkable to Broadway dining, and one mile to the vibrant Second Street corridor.
- Stable Income with Upside Potential: Professionally managed asset offering reliable in-place cash flow with future rental upside
Listing Contacts
Listed by Marcus & Millichap - South Bay
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$71,775.00
$5,981.25/mo
Valuation Metrics
0
DSCR
4.34%
Cap Rate
4.34%
ROI
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