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244-246 Coronado Ave 18 Unit Apartment Building $9,739,030 CAD ($541,057 CAD/Unit) 5.37% Cap Rate Long Beach, CA 90803
Investment Highlights
- Highly Desirable Belmont Heights Commanding Rental Premiums
- Most Units Upgraded with New Modern Kitchens & Baths
- 9 Garages - ADU Conversion Opportunity Adds $91,200 in Potential Rental Income
- Attractive Unit Mix with Mostly Two-Bedrooms
- Updated Electrical Throughout Property
Executive Summary
244–246 Coronado Avenue is an 18-unit multifamily asset located in the highly desirable Belmont Heights / Bluff Heights submarket of Long Beach—one of the city’s most supply-constrained coastal rental markets. The submarket commands a consistent rental premium driven by its walkability, historic character, and proximity to the ocean, with strong demand from affluent, educated renters.
The property features an attractive unit mix of three (3) 1BD/1BA units, fourteen (14) 2BD/1BA units, and one (1) 3BD/2BA unit. Most units have been upgraded with new modern kitchens and bathrooms, and the electrical system has been updated throughout the building.
The asset benefits from separately metered utilities and an in-place RUBS program, allowing for efficient expense recovery. Additional income is generated through on-
site laundry facilities and nine (9) garages. The garage component also presents a clear ADU conversion opportunity, providing investors with a path to realize an additional
$91,200 in annual rental income and increase overall asset value.
Situated between Bluff Heights and Belmont Heights, the property offers a premier coastal location within one of Long Beach’s most walkable and lifestyle-driven neighborhoods. Residents enjoy immediate access to the beach, Bluff Park, and the Shoreline bike path, along with nearby retail and dining amenities on Retro Row (4th Street) and Belmont Shore (2nd Street).
The surrounding neighborhood is defined by its preserved early 20th-century architecture, tree-lined streets, and strong community identity—factors that continue to attract young professionals and long-term renters. With approximately 65% renter occupancy, above-average household incomes, and limited new construction, the area provides a deep, stable tenant base and long-term rent growth potential.
Overall, 244–246 Coronado Avenue offers investors the opportunity to acquire a well-located asset in a premier coastal submarket characterized by durable demand, high barriers to entry, and sustained rental premiums relative to the broader Long Beach market.
The property features an attractive unit mix of three (3) 1BD/1BA units, fourteen (14) 2BD/1BA units, and one (1) 3BD/2BA unit. Most units have been upgraded with new modern kitchens and bathrooms, and the electrical system has been updated throughout the building.
The asset benefits from separately metered utilities and an in-place RUBS program, allowing for efficient expense recovery. Additional income is generated through on-
site laundry facilities and nine (9) garages. The garage component also presents a clear ADU conversion opportunity, providing investors with a path to realize an additional
$91,200 in annual rental income and increase overall asset value.
Situated between Bluff Heights and Belmont Heights, the property offers a premier coastal location within one of Long Beach’s most walkable and lifestyle-driven neighborhoods. Residents enjoy immediate access to the beach, Bluff Park, and the Shoreline bike path, along with nearby retail and dining amenities on Retro Row (4th Street) and Belmont Shore (2nd Street).
The surrounding neighborhood is defined by its preserved early 20th-century architecture, tree-lined streets, and strong community identity—factors that continue to attract young professionals and long-term renters. With approximately 65% renter occupancy, above-average household incomes, and limited new construction, the area provides a deep, stable tenant base and long-term rent growth potential.
Overall, 244–246 Coronado Avenue offers investors the opportunity to acquire a well-located asset in a premier coastal submarket characterized by durable demand, high barriers to entry, and sustained rental premiums relative to the broader Long Beach market.
Property Facts
| Price | $9,739,030 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $541,057 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 5.37% | Building Size | 14,045 SF |
| Gross Rent Multiplier | 12.3 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1962 |
| Property Type | Multifamily | Parking Ratio | 0.64/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LBR2A - Multiple Dwelling | ||
| Price | $9,739,030 CAD |
| Price Per Unit | $541,057 CAD |
| Sale Type | Investment |
| Cap Rate | 5.37% |
| Gross Rent Multiplier | 12.3 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 14,045 SF |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 0.64/1,000 SF |
| Zoning | LBR2A - Multiple Dwelling |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 14 | - | - |
| 3+2 | 1 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7264-004-032 | Improvements Assessment | $1,280,079 CAD |
| Land Assessment | $2,033,067 CAD | Total Assessment | $3,313,146 CAD |
Property Taxes
Parcel Number
7264-004-032
Land Assessment
$2,033,067 CAD
Improvements Assessment
$1,280,079 CAD
Total Assessment
$3,313,146 CAD
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244-246 Coronado Ave
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