40 Ximeno Avenue
6 Units | Prime Belmont Shore Location
Marketing description
Marcus & Millichap is pleased to present to market the exciting opportunity to acquire the prime Belmont Shore apartment building located at 40 Ximeno Avenue in Long Beach. This asset is just five parcels from Ocean Avenue and the sand in a sought-after affluent coastal market. Current rents are 50 percent below market, making this an excellent value-add opportunity in a high demand submarket.
40 Ximeno Avenue offers a diverse mix of one studio with a large walk-in closet, four one-bedroom/one-bath units, and one two-bedroom/one-bath unit with a den. Of the six units, five feature new vinyl plank flooring and four boast new showers. The property also features a newer roof, laundry facilities, one covered parking space, and a storage space.
The building's outstanding location offers residents enviable proximity to quintessential California living amenities: the beach, Belmont Plaza Pool, Belmont Pier, and the vibrant Second Street corridor's dining, retail and entertainment. This area has a strong and steady tenant base with an average household income over $140,000. Rental demand is further supported by proximity to Cal State Long Beach, employers, and freeways.
Investment highlights
- Prime Belmont Shore Location Five Parcels From the Beach: This six-unit building boasts an outstanding location in one of Long Beach's most desirable coastal neighborhoods.
- Exceptional Value-Add Potential: Current rents are approximately 50 percent below market in a high-demand beachside submarket with strong rental fundamentals.
- Well-Maintained Asset With Diverse Unit Mix: Property features a mix of one studio, four one-beds, and a two-bed unit with a den, on-site laundry, and improvements that include a newer roof and select interior upgrades
- Excellent Proximity to Recreation, Amenities, and Employers Drive Rental Demand: Steps from the beach, Belmont Pier, Belmont Plaza Pool, Second Street's dining and retail, and conveniently near freeways and Cal State Long Beach
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