Restaurant + 9 Apartment Units 4340 E 4th St Apartment Building $2,922,925 CAD 5.44% Cap Rate Long Beach, CA 90814

The subject is a mixed-use building with a prime location in the very desirable Belmont Height neighborhood of Long Beach, California. The Property include one two-story building constructed in 1923 and renovated on multiple occasions. The building totals 7,701 square feet and is situated on a level, rectangular 5,414 square feet parcel on the southwest corner of East 4th Street and Ximeno Avenue. The Property has nine, one-bedroom/one bath apartment units plus a commercial suite located on the first floor at the hard corner. The commercial unit is leased to Egg Heaven Cafe, which opened in 1969 and is considered to be one of the most well-known and loved breakfast diners in the city. The apartment and commercial units have individual addresses. The building addresses include 4340-4058 East 4th Street.
East 4th Street is a busy mixed-use street with retail, office, multi-residential units and a few single-family homes It is one of the main east-west surface traffic corridors through the neighborhood. Belmont Heights is one of the area's most ought-after coastal submarkets with a broad tenant base of your professionals, families and long-term residents. Woodrow Wilson High School is located just three blocks o the north of the Property. The 229-acre city-owned Recreation Park is located one-quarter mile to the east and features a community center, two golf courses a tennis enter, fishing pond and a baseball stadium. The heart of trendy Belmont Shore is three-quarters of a mile to the south. California State University, Long Beach is located one and one-quarter miles to the northeast. City Beach, Bluff Park and Belmont Pier are les than one mile to the south. Long Beach Municipal Airport is located less than three miles to the north and has non-stop flights to twenty-one cities nationwide as well as one-stop flights to 400 cities worldwide. Anduril Industries, a cutting-edge defense technology company specializing in artificial intelligence applications has recently announced that it is commencing a $1 billion redevelopment of land adjacent to the Airport, including 750,000 square feet of office space plus 435,000 square feet of industrial/research and development space. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction, service and supply-chain jobs.
This is he first offering for sale of the Property since the current Owner acquired it in 2004. The Property is fully-occupied and rarely has vacant units. Current apartment rental rates range up to $1,695 per month and the Property is subject only to State of California rent control for the residential units. Most tenants occupy apartment units on a month-to-month basis. See the attached spreadsheet for current and projected financial information.