In the quintessential Southern California seaside community of Belmont Shore, you will find the well-kept and upgraded Prospect Apartments. Built in 1946, this fourplex provides residents with an abundance of natural sunlight in a prime location, with plenty of upgrades. Let’s dive into the unique amenities of this Multifamily Investment property.
The Location: Belmont Shore
Belmont Shore is known for its sandy beaches, calm lagoons, picturesque canals, elegant home-lined boardwalks, and Second Street. Interestingly enough, Belmont Shore once was a separate entity but was eventually annexed in trade for receiving a pier, now called the Belmont Memorial Veteran’s Pier. Residents once tried to make it a separate city, and only relinquished their claim after Long Beach promised them a pier.
The beach and 2nd Street Shopping are the highlights to this busy, eclectic town where many houses were built in the early to mid-1900’s.Among Long Beach’s unique attractions and hidden gems are some noisy bright green parrots that have lived in towering palms along Ocean Blvd. near the sign for the Belmont Pool. These birds have quite a unique history. Roll down your car window if you happen to be sitting at the stop light and listen for the sound. If you hear noisy chatter from above, it’s the birds, just being themselves.
The Belmont Shore Car Show, the largest one-day car show on the west coast, takes place on Second Street each September, and does the Annual Christmas Parade in December, where brightly decorated yachts and sailboats cruise the canal on one of the most spectacular parades of the season.
Belmont Shore has a high walk score of 88 and is the 5th most walk-able neighborhood in Long Beach.
The Property: The Prospect Apartments
This fourplex is a large 2,740 SF building on a 3,149 lot in beautiful Belmont Heights. This property has an attractive unit mix of two 2 Bedroom/ 2 Bathroom units, and two 1 Bedroom / 1 Bathroom units. Additionally, two of the units have a private outdoor area for residents, a rooftop deck and a front yard. Being that the property is located within Long Beach’s parking impacted area, this property provides residents with 3 parking spaces, two of which are garages. It was recently remodeled and all four units have hardwood floors, a washer/dryer, appliances, and stoves. As a bonus, three of the four units have a dishwasher.
Being located in Belmont Heights with access to notable restaurants nearby such as Nicks on 2nd, Simmzy’s Pub, Domenico’s Italian Restaurant, and Open Sesame, and by providing residents with parking, washer/dryers, and private areas, this property provides tremendous value.
Currently there are no fourplexes on the market, and three fourplexes in escrow with the lowest being at $1,799,000 and the highest being at $3,50,000. In the last 12 months, there have been fourteen fourplex sales in the 90803 zip code with an average sales price of $1,751,429.
We chose this fourplex because of the location, its upgrades, and the tremendous value it provides residents. This property allows residents to enjoy a unique lifestyle opportunity provided by its location. We appreciate property that provides maximum value to its residents, and we want to commend the Owners who make it all possible by continually renovating and improving their property.