144 Ximeno Avenue

Long Beach, CA 90803

REDUCED* REDUCED* REDUCED* Seller calling for All Offers. An 8-unit, fully-leased multi-family property in Belmont Shore, Long Beach. Located just 1 block from the water in this fantastic neighborhood. Residents have easy access to the beach, the parks, and Naples near Second Street with its unique restaurants and shopping. This is Southern California living at its finest, offering sandy beaches, lagoons, canals and a myriad of outdoor activities, even a dog park & beach. The unit mix includes 7 studios and 1 one bedroom, 1 bathroom unit. The current owner completely renovated for $200,000 in upgrades in 6 of the 8 units, including new dual pane windows, copper plumbing & drain-lines, plank flooring and new fixtures and finishes throughout. There is further upside by taking rents higher with further modern improvements and taking 25% of the income to market rents as well. The onsite laundry machines are new and owned by the property. There is still upside rent potential for further upgrades with two units still below market by 40%. This property is subject to State of CA rent control which currently allows for 8.8% annual rent increases.

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