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7/16/18
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A private investor paid $3.1 mil for Belmont Shore Oceanfront Apartment Homes, an eight-unit ($387.5k/unit) multifamily property in Long Beach, in an all-cash deal.
Located directly across from the beach at 5281 Ocean Blvd, the building offers eight units, consisting of a mix of studios, one- and two-bedrooms, and a rooftop deck with ocean views. The property is walking distance to 2nd Street and in proximity to Belmont Pier, Alamitos Bay and Naples Island.
Dan Blackwell and John Montakab of CBRE represented the buyer and the seller, a family trust, in the transaction. The buyer resides and owns additional investment properties in the surrounding area.
“This property is located in the ideal live-work-play environment which will ultimately draw and retain tenants,” said Blackwell. “In the dynamic and growing Long Beach market, the surrounding community offers this trophy coastal asset an array of contemporary dining and retail options while retaining a quaint, small beach-town feel.”
Belmont Shore/Heights is home to an affluent and growing population of over 42,000, with over 30% of the community having an average household income of $100,000 or greater. The city is widely known for its quiet beaches, popular surf spots, and friendly neighborhoods filled with hometown appeal.
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