154 Bennett Avenue

    Long Beach, CA 90803
    • $5,200,000
    • STATUS: Active
    • ON SITE: 18 days
    • ID#: SB20088430
    UPDATED: 205 min ago
    $5,200,000
    • 0
      BEDS
    • 0.29
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 7,696
      SQFT
    • $676
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1924
    County:

    School Ratings & Info

    Description

    Villa Fiore is an architectural gem located in the Belmont Heights area of Long Beach, just blocks from the beach on a large 12,700 square foot corner lot. The property is 100% occupied & consists of 15 apartment units of which 13 are permitted. There is significant upside in the rents as they are below market levels. There is additional income potential from garage and storage units that are presently not rented. The owner has taken great care to preserve the architectural features of Villa Fiore while making upgrades throughout the property. There are large balconies with ocean views from some units and the units exude the charm and style of the roaring 1920+GGs.The property was developed in 1924, and is designed as a complex surrounding a lushly landscaped courtyard. The first building consists of a 3-story building at the corner of 2nd St & Bennett with the address of 158+GG160 Bennett Ave and consists of 4 units. 154 and 156 Bennett are single story buildings with 5 units and 4 units respectively. 4312-4316 E 2nd St has 2 units in a single-story building. The property has additional building area adjacent to the 7 garage spaces, and in a large attic above 158-160 Bennett that is in addition to the tax assessor+GGs records (Buyer to verify all units & square footage). The property is a short walk to the Belmont Beach Pier, the bike path, shops & restaurants on 2nd St along Belmont Shore. This is a rare investment opportunity and a chance to own a piece of history.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-05-28T00:25:55.52. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Twiss Realty. Licensed in the State of California, USA.

    www.twissrealty.com/homes/105715258

    154 Bennett Avenue Long Beach, CA 90803

    • Price: $5,200,000
    • Status: Active
    • Updated: 205 min ago
    • ID#: SB20088430
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.29
    Acres
    7,696
    SQFT
    $676
    $/SQFT
    1924
    Built
    Neighborhood:
    Belmont Heights (Bh)
    County:
    Los Angeles
    Area:
    2 - Belmont Heights, Alamitos Heights
    Property Description
    Villa Fiore is an architectural gem located in the Belmont Heights area of Long Beach, just blocks from the beach on a large 12,700 square foot corner lot. The property is 100% occupied & consists of 15 apartment units of which 13 are permitted. There is significant upside in the rents as they are below market levels. There is additional income potential from garage and storage units that are presently not rented. The owner has taken great care to preserve the architectural features of Villa Fiore while making upgrades throughout the property. There are large balconies with ocean views from some units and the units exude the charm and style of the roaring 1920+GGs.The property was developed in 1924, and is designed as a complex surrounding a lushly landscaped courtyard. The first building consists of a 3-story building at the corner of 2nd St & Bennett with the address of 158+GG160 Bennett Ave and consists of 4 units. 154 and 156 Bennett are single story buildings with 5 units and 4 units respectively. 4312-4316 E 2nd St has 2 units in a single-story building. The property has additional building area adjacent to the 7 garage spaces, and in a large attic above 158-160 Bennett that is in addition to the tax assessor+GGs records (Buyer to verify all units & square footage). The property is a short walk to the Belmont Beach Pier, the bike path, shops & restaurants on 2nd St along Belmont Shore. This is a rare investment opportunity and a chance to own a piece of history.
    Exterior Features

    Garage Spaces 7.00 Lot Features Corner Lot Lot Size Source Assessor Lot Size Units Square Feet Parking Total 7.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Common Area Levels Three Or More

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 3.72 Community Features CurbsSidewalks Country Us Electric Expense 1925.00 Elevation Units Feet Fuel Expense 1925.00 Garage Income 275.00 Gardener Expense 6000.00 Gross Income 299604.00 Gross Multiplier 17.36 Gross Operating Income 299604.00 Gross Scheduled Income 295440.00 Insurance Expense 5300.00 Land Lease YN No Laundry Income 72.00 Laundry YN Yes Net Operating Income 193584.00 New Construction YN No New Taxes Expense 62920.00 Number Of Separate Electric Meters 16 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Operating Expense 106020.00 Professional Management Expense 10000.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Belmont Heights (Bh) Total Expenses 106020.00 Trash Expense 1925.00 Water Sewer Expense 1925.00 Water Source Public Year Built Source Assessor Zoning Lbr2n

    Listing provided courtesy of Stephen Lampe of Re/Max Commercial & Investment and Robert Mullarkey of Robert Mullarkey, Broker


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-05-28T00:25:55.52. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Twiss Realty. Licensed in the State of California, USA.

     
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