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673-675 Mira Mar Avenue

673-675 Mira Mar Avenue,Long Beach, CA 90814

2

Unit

$1,395,000

Price

Property Details

Price Per Unit

$697,500

Price per SF

$749

Current Cap Rate

Market Cap Rate

Current GRM

19.21

Market GRM

15.92

673-675 Mira Mar Avenue

673-675 Mira Mar Avenue,Long Beach, CA 90814

$1,395,000

Price

Property Details

Price per SF

$749

Price Per Unit

$697,500

Price per SF

$749

Current Cap Rate

Market Cap Rate

Unit

2

Current GRM

19.21

Market GRM

15.92

Description

673 & 675 Mira Mar Avenue is a two (2) unit asset in the highly desirable Belmont Heights, Long Beach, California. The property features two (2) separate single family residences on a 6,751-square-foot lot, set behind lush, tropical front landscaping, providing both curb appeal and privacy.
The front house (675) is a 1935-vintage Spanish-style casita with three (3) bedrooms and one (1) bathroom. The house retains its period character with well-maintained wood open beam ceilings, original hardwood floors, and original hand-wrought iron black chandelierwith matching curtain rods in the dining and living rooms. French-style windows and doors,
a cozy gas fireplace in the living room, a built-in wine storage boot-box and arched detailing provide additional charm and appeal. Modern improvements include an upgraded electrical system and copper plumbing throughout.
The large kitchen is equipped with oak cabinetry, Caesarstone countertops, cast iron enamel sink with oil-rubbed bronze designer faucet and stainless-steel appliances (refrigerator, dishwasher). A generous-sized laundry room/mudroom with backdoor is located off the kitchen and features a Samsung washer/dryer set and additional oak cabinets for ample storage.
The large paved back patio has been transformed into a fully fenced-
in tropical oasis. Accessible from the laundry/mudroom or the two
rear bedrooms, this lushly landscaped patio can be used for dining, entertaining or relaxation.

Adjacent to the patio sits a detached two-car garage, which is currently being used for storage. This could remain storage or can be converted back to parking. Additional off-street parking is available with three (3) surface spaces along the driveway.
The rear California bungalow house (673), built in 1960, is comprised of two (2) bedrooms and one (1) bathroom, and has its own separate private side entrance from the street. Upgrades to the house include a heavy-duty screen front door, plank engineered flooring, interior raised-panel doors, dining window awning, re-glazed tub, and more.
The kitchen features a breakfast bar counter, large window over the sink, granite countertops, stainless steel sink, refrigerator, dishwasher, five-burner gas stove, and wall metal pot rack. A laundry room with back door off the kitchen is equipped with a washer/dryer and storage cabinets.
The private backyard is enclosed by a 35-foot-tall bamboo wall to the east and a 15-foot wall to the west providing dining, entertainment and other recreational possibilities.
673 & 675 Mira Mar Avenue presents a new buyer with a fully occupied asset that has in-place cash flow and solid rent increase upside, or
an owner/user opportunity in a desirable location, with the ability to subsidize the mortgage payment with revenue from the rear house.

Highlights

  • Two (2) Separate, Private Single Family Residences on a 6,751-SF Lot
  • Lush Landscaping, Ample Outdoor Space for Each House
  • Highly Desirable Belmont Heights, Convenient to Trader Joe’s, Coffee Shops and Parks
  • Strong Potential for Rental Increase Upside
  • Investment Property or Owner/User Potential

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