121 Ximeno Avenue, Long Beach, CA 90803

100% Vacant & Gut-Renovated 9-unit building in Belmont Shore just steps away from the Ocean and the Beach!Amazing Current Cap Rate of 4.5% and 15.4 GRM at market rents with upside to 5.6% Cap Rate and 13.1 GRM if rented to Section 8. All units have been completely remodeled from the studs with permits and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, new Mini Split AC systems, stainless steel appliances, washer/dryer inside, as well as major exterior capital improvements. The unit mix provides unparalleled versatility, including 2 spacious (2bed/1bath) units ideal for families, as well as 5 modern (1bed/1bath) units, and 2 (studio/1bath) units perfect for individuals seeking comfort and style. Each unit is individually metered for gas and electricity, ensuring convenience and efficiency. On top of that, the major systems have been updated including electrical, plumbing, HVAC, etc. Furthermore, there’s an additional upside to 5.6% Cap Rate and 13.1 GRM if the buyer decides to rent the units to tenants with the Section 8 program based on the Long Beach Section 8 payment standards effective 1/2024 for Zip Code 90803. The property is located in the heart of Belmont Shore within walking distance of the Pacific Ocean and the Sand. Located just steps away from all the neighborhood attractions, restaurants, bars, and shops on 2nd St such as Sait & Second, Nick’s on 2nd, The Win~Dow, Simmzy’s, Roe Seafood, Breakfast Republic, Sweet Jill’s Bakery, Galata Ice Cream, and many more popping up all around the area.