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Multifamily

101 Claremont Ave

101 Claremont Ave, Long Beach, CA 90803

Listing Price: $4,995,000

Cap Rate
3.14%
Number of Units
10
Price/Unit
$499,500
Price/Gross SF
$595.49
Gross SF
8,388

Investment Overview

Marcus & Millichap is pleased to present a 12-unit multifamily property located at 101 Claremont Avenue located in Long Beach, CA. Built in 1964, the subject property consists of 8,388 rentable square feet spread throughout a 4,685 square foot lot. The building consists of two studio units, five 1-bedroom / 1-bathroom units, two 2-bedroom / 1 -bathroom units and one 3-bedroom / 1 ¾ bathroom Penthouse unit. It contains nine tuck under garages and has 360-degree panoramic views from the top deck from Palos Verdes to Huntington Beach. The units were fully renovated and re-imagined, including creative amenities such as new kitchens & bathrooms, vinyl floors, 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 10 Unit Belmont Shore Location: Centrally located to the Peninsula, Bay Shore Beach, Second Street Shopping District, & Naples
  • True Pride of Ownership Legacy Asset: Built in 1964, the Only 4-Story Property Located in Belmont Shore with One to One Parking
  • Great Unit Mix of Studio, One Bedroom, Two Bedroom Units, and a Three Bedroom Penthouse Unit: Separately Metered for Gas and Electricity
  • Complete Renovation Done to Current Standards: Upgraded Electrical, Upgraded Plumbing, Modern Finishes, Vinyl Flooring, New Kitchens, & New Bathrooms
  • Amenities That All Tenants Value: Synergized Outdoor Space, Brand New Appliances, and 9 Private Parking Stalls
  • 85 Walk Score – "Very Walkable" & 75 Bike Score – "Very Bikeable"

Exclusively Listed By

Listing Price: $4,995,000

Cap Rate
3.14%
Number of Units
10
Price/Unit
$499,500
Price/Gross SF
$595.49
Gross SF
8,388

Investment Highlights

  • Rare 10 Unit Belmont Shore Location: Centrally located to the Peninsula, Bay Shore Beach, Second Street Shopping District, & Naples
  • True Pride of Ownership Legacy Asset: Built in 1964, the Only 4-Story Property Located in Belmont Shore with One to One Parking
  • Great Unit Mix of Studio, One Bedroom, Two Bedroom Units, and a Three Bedroom Penthouse Unit: Separately Metered for Gas and Electricity
  • Complete Renovation Done to Current Standards: Upgraded Electrical, Upgraded Plumbing, Modern Finishes, Vinyl Flooring, New Kitchens, & New Bathrooms
  • Amenities That All Tenants Value: Synergized Outdoor Space, Brand New Appliances, and 9 Private Parking Stalls
  • 85 Walk Score – "Very Walkable" & 75 Bike Score – "Very Bikeable"

Investment Overview

Marcus & Millichap is pleased to present a 12-unit multifamily property located at 101 Claremont Avenue located in Long Beach, CA. Built in 1964, the subject property consists of 8,388 rentable square feet spread throughout a 4,685 square foot lot. The building consists of two studio units, five 1-bedroom / 1-bathroom units, two 2-bedroom / 1 -bathroom units and one 3-bedroom / 1 ¾ bathroom Penthouse unit. It contains nine tuck under garages and has 360-degree panoramic views from the top deck from Palos Verdes to Huntington Beach. The units were fully renovated and re-imagined, including creative amenities such as new kitchens & bathrooms, vinyl floors, 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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