249 Grand Avenue, Long Beach, CA

249 Grand Avenue, Long Beach, CA

Long Beach, CA
$1,700,000

Property Description

249 Grand Ave is a true pride-of-ownership opportunity that has been meticulously maintained and upgraded throughout. Situated in a premier pocket of the Belmont Heights submarket, this area stands out from any other pocket of Long Beach because of the wide, tree-lined streets and low density neighborhood surrounded by single family homes. This gem features three units with a great mix of (2) 2 bedroom + 1 bath and (1) 1 bedroom + 1 bath units, all sitting on a 6,522 sqft lot! Step inside to discover stunning windows that flood the interior with natural light, highlighting the attention to detail found throughout. The current owner has installed dedicated electrical, gas and water meters for each unit. Landlord pays zero utilities. This building reflects a blend of classic charm and contemporary comfort. Additionally, there is a private patio to provide the front building tenants with a tranquil setting for relaxation or entertainment. For the upstairs units, a major capital improvement added a private deck for the tenants; quiet enjoyment. All major electrical has been replaced, as well as most of the plumbing throughout the building. With its prime location and major capital improvements, this property presents a fantastic opportunity for investors who are looking to enjoy the vibrant lifestyle that Long Beach has to offer. Please do not disturb the tenants and inquire for further information.

Property Features

  • Sale Price: $1,700,000
  • Area Size: 3,132 SF
  • Land Area: 0.15 AC
  • Year Built: 1930/2017
  • Listing Date: 03/22/24
  • Units: 3
  • Current GRM: 19
  • Current Cap Rate: 3.25%
  • Price Per Unit: $665,000