Villa Fiore is an architectural gem located in the Belmont Heights area of Long Beach, just blocks from the beach on a large 12,700 square foot corner lot. The property is 100% occupied & consists of 15 apartment units of which 13 are permitted. There is significant upside in the rents as they are below market levels. There is additional income potential from garage and storage units that are not rented. The owner has taken great care to preserve the architectural features of Villa Fiore while making upgrades throughout the property. There are large balconies with ocean views from some units and the units exude the charm & style of the roaring 1920’s. The property was developed in 1924, and is designed as a complex surrounding a lushly landscaped courtyard. The first building consists of a 3-story building at the corner of 2nd St & Bennett with the address of 158–160 Bennett Ave and consists of 4 units. 154 & 156 Bennett are single story buildings with 5 units and 4 units respectively. 4312-4316 E 2nd St has 2 units in a single-story building. The total livable area was measured to be 8,550 SF, the Tax Assessor records indicate 7,696 SF. The property has additional building area adjacent to the 7 garage spaces, and has a large attic above 158-160 Bennett that is in addition to the tax assessor’s records (Buyer to verify units & square footage). The property is a short walk to the Belmont Beach Pier, the bike path, shops & restaurants on 2nd St along Belmont Shore.
Listing courtesy of Stephen Lampe from Re/Max Commercial & Investment
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