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246 Newport Ave 4 Unit Apartment Building $2,262,286 CAD ($565,571 CAD/Unit) 4.34% Cap Rate Long Beach, CA 90803
Investment Highlights
- Ideal Owner-Occupant Opportunity: The two-bedroom home can be delivered vacant
- Prime Belmont Heights Location: Situated in one of Long Beach’s most desirable coastal neighborhoods, known for its tree-lined streets & architecture
- Stable Income with Upside Potential: Professionally managed asset offering reliable in-place cash flow with future rental upside
- Two-Bedroom Home + Three Apartments: Asset consists of a two-bed home, a duplex with one studio + one one-bed with an office & a studio above a garage
- Exceptional Walkable Coastal Setting: Just four blocks to Bluff Park and the beach, walkable to Broadway dining, and one mile to the vibrant 2nd Stree
Executive Summary
Marcus & Millichap is pleased to present 246 Newport Avenue, a charming four-unit investment opportunity in Long Beach’s highly desirable Belmont Heights neighborhood, which is known for its tree-lined streets, Craftsman architecture, and strong tenant appeal. The property features a two-bedroom/one-bath single-family home, a duplex containing one studio and one one-bedroom unit with an office, and a studio above a two-car garage. Tenants also enjoy a shared backyard.
246 Newport Avenue boasts an exceptional rental location just four blocks from Bluff Park and the beach, walkability to popular restaurants along Broadway, and less than one mile from the vibrant dining, retail and entertainment corridor on Second Street. Its proximity to California State University, Long Beach, recreation, freeway access, and employers support consistent rental demand.
The property has been professionally managed and provides stable in-place cash flow with potential upside. The two-bedroom home can be delivered vacant, presenting an ideal opportunity for a new owner to occupy the home and utilize rental income of the apartment units to offset mortgage costs.
246 Newport Avenue boasts an exceptional rental location just four blocks from Bluff Park and the beach, walkability to popular restaurants along Broadway, and less than one mile from the vibrant dining, retail and entertainment corridor on Second Street. Its proximity to California State University, Long Beach, recreation, freeway access, and employers support consistent rental demand.
The property has been professionally managed and provides stable in-place cash flow with potential upside. The two-bedroom home can be delivered vacant, presenting an ideal opportunity for a new owner to occupy the home and utilize rental income of the apartment units to offset mortgage costs.
Property Facts
| Price | $2,262,286 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $565,571 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.34% | Building Size | 2,400 SF |
| Gross Rent Multiplier | 15.44 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1922 |
| Property Type | Multifamily | Parking Ratio | 0.42/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,262,286 CAD |
| Price Per Unit | $565,571 CAD |
| Sale Type | Investment |
| Cap Rate | 4.34% |
| Gross Rent Multiplier | 15.44 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 2,400 SF |
| No. Stories | 2 |
| Year Built | 1922 |
| Parking Ratio | 0.42/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | - | - |
| 1+1 | 1 | - | - |
| Studios | 2 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7264-001-031 | Improvements Assessment | $104,541 CAD |
| Land Assessment | $414,923 CAD | Total Assessment | $519,464 CAD |
Property Taxes
Parcel Number
7264-001-031
Land Assessment
$414,923 CAD
Improvements Assessment
$104,541 CAD
Total Assessment
$519,464 CAD
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246 Newport Ave
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