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Multifamily

233 Mira Mar Ave

233 Mira Mar Ave, Long Beach, CA 90803

Listing Price: $3,395,000

Cap Rate
4.09%
Number of Units
7
Price/Unit
$485,000
Price/Gross SF
$577.28
Gross SF
5,881

Investment Overview

Marcus & Millichap is pleased to present a 7-unit multifamily property located at 233 Mira Mar Avenue located in Long Beach, CA. Built in 1962, the subject property consists of 5,881 rentable square feet spread throughout a 6,508 square foot lot. The building consists of four 1-bedroom / 1-bathroom units, and three 2-bedroom / 1 ½ -bathroom unit. It contains four garages and a communal patio for tenants. The units were fully renovated and re-imagined, including creative amenities such as new kitchens & bathrooms, vinyl floors, mini-split A/C, and open living areas. The layout for each unit was redesigned to maximize living space, emphasize natural light, and to accentuate modern architectural elements. Tenants enjoy living between Downtown Long Beach and Belmont Shore, a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants, and nightlife. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life.

Investment Highlights

  • Rare Belmont Heights Location North of Broadway: Centrally located to Belmont Shore, Bluff Park, & The Broadway & Redondo District
  • True Pride of Ownership Legacy Asset: Built in 1962 and Completely Reinvented in 2020
  • Great Unit Mix of One Bedroom and Two Bedroom Units: Separately Metered for Gas and Electricity
  • Complete Renovation Done to Current Standards: Mini-Split A/C, Modern Finishes, Vinyl Flooring, New Kitchens, & New Bathrooms
  • Amenities That All Tenants Value: Synergized Outdoor Space, Washers and Dryers in Each Unit, Brand New Appliances, and Four Private Parking Garages
  • 84 Walk Score – "Very Walkable" & 77 Bike Score – "Very Bikeable"

Exclusively Listed By

Listing Price: $3,395,000

Cap Rate
4.09%
Number of Units
7
Price/Unit
$485,000
Price/Gross SF
$577.28
Gross SF
5,881

Investment Highlights

  • Rare Belmont Heights Location North of Broadway: Centrally located to Belmont Shore, Bluff Park, & The Broadway & Redondo District
  • True Pride of Ownership Legacy Asset: Built in 1962 and Completely Reinvented in 2020
  • Great Unit Mix of One Bedroom and Two Bedroom Units: Separately Metered for Gas and Electricity
  • Complete Renovation Done to Current Standards: Mini-Split A/C, Modern Finishes, Vinyl Flooring, New Kitchens, & New Bathrooms
  • Amenities That All Tenants Value: Synergized Outdoor Space, Washers and Dryers in Each Unit, Brand New Appliances, and Four Private Parking Garages
  • 84 Walk Score – "Very Walkable" & 77 Bike Score – "Very Bikeable"

Investment Overview

Marcus & Millichap is pleased to present a 7-unit multifamily property located at 233 Mira Mar Avenue located in Long Beach, CA. Built in 1962, the subject property consists of 5,881 rentable square feet spread throughout a 6,508 square foot lot. The building consists of four 1-bedroom / 1-bathroom units, and three 2-bedroom / 1 ½ -bathroom unit. It contains four garages and a communal patio for tenants. The units were fully renovated and re-imagined, including creative amenities such as new kitchens & bathrooms, vinyl floors, mini-split A/C, and open living areas. The layout for each unit was redesigned to maximize living space, emphasize natural light, and to accentuate modern architectural elements. Tenants enjoy living between Downtown Long Beach and Belmont Shore, a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants, and nightlife. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life.

Exclusively Listed By

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