600 Almond Ave 6 Unit Apartment Building $2,994,248 CAD ($499,041 CAD/Unit) 5.23% Cap Rate Long Beach, CA 90802

Marcus & Millichap is pleased to present 600 Almond Avenue, located in the highly desirable North Alamitos Beach neighborhood of Long Beach, California. This 2-story, 6-unit
multifamily building was originally built in 1964 and has undergone significant renovations such as an extensive exterior remodel in 2016 and recently a complete interior remodel of all units.
The property features upgraded interiors including refinished vinyl flooring, modern kitchens and baths, in unit washer/dryers, stainless steel appliances, vinyl windows, shaker
cabinets, and quartz countertops. The building also offers four single-car garages. The total building area is approximately 7,387 square feet, situated on a 6,837 square foot parcel. The unit mix consists of one (1) 2 Bed/1 Bath unit, four (4) 2 Bed/2 Bath units, and one (1) 3 Bed/3 Bath townhome-style unit with an attached garage.
The subject property offers a prime rental location within walking distance to popular restaurants along Broadway and 4th Street, known locally as Retro Row, less than a mile from Bluff Park and the beach, and proximate to the dining, retail, and entertainment options of Second Street. The property is also a short drive from California State University, Long Beach. This location benefits from both high tenant demand and strong market fundamentals. Tenants enjoy the ocean breeze and easy access to shops, restaurants, cafes, entertainment, and grocery stores, while owners benefit from the stability of a sought-after coastal market.
The City Long Beach continues to see substantial redevelopment, with over $2B invested in real estate transactions and new projects since 2013. The city currently has 3,997 residential units in the development pipeline. Notable nearby projects include: The Shoreline Gateway at 777 E. Ocean Boulevard which is a 35 story high 315 residential unit property with 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at 200 West Ocean Boulevard has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Avenue has 271 units with 1,302 sq. ft. of retail and commercial space. Current construction includes the renovation of The Breakers Hotel, Broadway Block which is 432 units and over 17,793 sq. ft. of retail space, Aster which is 218 units and 7,300 sq. ft. of commercial space and Broadstone Promenade which is 189 units with ground floor retail space as well.
Additionally, the Port of Long Beach is undergoing a $4.4 billion redevelopment, projected to create 14,000 new and permanent jobs in Southern California. 600 Almond Avenue presents an opportunity to acquire a fully renovated, well-located coastal asset with strong in-place income. The property’s combination of quality construction,
modern amenities, walkable location, and proximity to ongoing economic growth makes it an attractive investment in one of Long Beach’s most desirable neighborhoods.