1

cVILLA FIORE

O F F E R I N G M E M O R A N D U M

154 Bennett Avenue | Long Beach, CA

Multifamily Investment

STEPHEN LAMPEExecutive Vice President310.802.2501slampe@remaxcir.com CA BRE# 01164364

RE/MAX COMMERCIAL & INVESTMENT REALTY450 Silver Spur RoadRolling Hills Estates, CA 90274remaxcir.com

• One of a kind 1920's architectural gem with ocean views from some units• 15 apartment units (13 permitted)• Large corner double lot with center courtyard & lush landscaping• Prime Belmont Heights location - walk to 2nd Street shops, restaurants, The Long Beach

Pier, and the beach• Upside potential in rent rates on most units, storage & garage income• Very well maintained trophy property in a solid "A" location

STEPHEN LAMPEExecutive Vice President310.802.2501 slampe@remaxcir.com CA BRE# 01164364

RE/MAX COMMERCIAL & INVESTMENT REALTY450 Silver Spur RoadRolling Hills Estates, CA 90274remaxcir.com

154 Bennett Avenue | Long Beach, CA 90803I N V E S T M E N T H I G H L I G H T S

PROPERTY DESCRIPTION154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

Offering SummaryVilla Fiore is an architectural gem located in the Belmont Heights area of Long Beach, just blocks fromthe beach on a large 12,700 square foot corner lot. The property is 100% occupied & consists of 15apartment units of which 13 are permitted. There  is significant upside  in  the  rents as  they are belowmarket levels. There is additional income potential from garage and storage units that are presently notrented. 

The  owner  has  taken  great  care  to  preserve  the  architectural  features  of  Villa  Fiore  while  makingupgrades  throughout  the property. There are  large balconies with ocean views  from some units andthe units exude the charm and style of the roaring 1920’s. 

The property was developed in 1924, and is designed as a complex surrounding a lushly landscapedcourtyard. The  first building consists of a 3­story building at  the corner of 2nd St & Bennett with  theaddress  of  158–160  Bennett  Ave  and  consists  of  4  units.  154  and  156  Bennett  are  single  storybuildings  with  5  units  and  4  units  respectively.  4312­4316  E  2nd  St  has  2  units  in  a  single­storybuilding. The property has additional building area adjacent to the 7 garage spaces, and in a large atticabove  158­160 Bennett  that  is  in  addition  to  the  tax  assessor’s  records  (Buyer  to  verify  all  units  &square footage). 

The property is a short walk to the Belmont Beach Pier, the bike path, shops & restaurants on 2nd Stalong Belmont Shore. This is a rare investment opportunity and a chance to own a piece of history.

FINANCIAL SUMMARY154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

UNIT MIX & MONTHLY SCHEDULED

Type Units Actual Total Market TotalTwo Bedroom Two Bath 1 $2,575 $2,575 $2,795 $2,795

Two Bedroom One Bath 2 $2,688 $5,375 $2,675 $5,350

One Bedroom One Bath 9 $1,469 $13,220 $1,700 $15,300

Studio 3 $1,150 $3,450 $1,417 $4,250

TOTALS 15 $24,620 $27,695

ANNUALIZED INCOME 

Description Actual MarketGross Potential Rent $295,440 $332,340

 ­ Less: Vacancy $0 ($9,970)

 + Misc. Income $4,164 $8,664

Effective Gross Income $299,604 $331,034

 ­ Less: Expenses ($106,020) ($103,020)

Net Operating Income $193,584 $228,014

ANNUALIZED EXPENSES 

Description Actual MarketProperty Tax (New 1.21%) $62,920 $62,920

Building Insurance $5,300 $5,300

Utilities ­ Gas/Water/Sewer/Garbage/Electric  $7,700 $7,700

Maintenance & Repairs $10,000 $10,000

Management Fees (Offsite) $10,000 $10,000

Gardening & Pest Control $6,000 $3,000

Pest Control $600 $600

Reserves $3,500 $3,500

TOTAL EXPENSES $106,020 $103,020

EXPENSES PER RSF $13.78 $13.39

EXPENSES PER UNIT $7,068 $6,868

INVESTMENT SUMMARY 

PRICE $5,200,000

Year Built 1924

Units 15

Price/Unit $346,667

RSF 7,696

Price/RSF $675.68

Lot Size 12,703 sf

Floors 3

APN 7256­014­001

Cap Rate 3.72%

Market Cap Rate 4.38%

GRM 17.36

Market GRM: 15.25

RENT ROLL154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

ADDRESS UNIT TYPE RENT PROFORMA4312 E. 2nd St 1 bed / 1 bath $1,450 $1,7004316 E. 2nd St 1 bed / 1 bath $1,350 $1,650

158 Bennett Ave A 2 bed / 1 bath + terrace $2,600 $2,650158 Bennett Ave B Studio $950 $1,300160 Bennett Ave A 2 bed / 1 bath + ocean view + terrace $2,775 $2,795160 Bennett Ave B 2 bed / 2 bath + ocean view $2,575 $2,700

154 Bennett Ave A 1 bed / 1 bath $1,550 $1,700154 Bennett Ave B 1 bed / 1 bath $1,595 $1,700154 Bennett Ave C 1 bed / 1 bath $1,550 $1,700154 Bennett Ave D 1 bed / 1 bath $1,625 $1,700154 Bennett Ave E 1 bed / 1 bath $1,200 $1,700156 Bennett Ave F 1 bed / 1 bath $1,450 $1,700156 Bennett Ave G Studio $1,200 $1,500156 Bennett Ave H Studio $1,050 $1,450156 Bennett Ave I 1 bed / 1 bath $1,450 $1,700

Total $24,370 $27,645

G1 Garage $125 $175G2 Garage - North Side $150 $175G2 Garage - South Side $0 $300

Total $275 $650

Additional Laundry $72 $72

TOTAL INCOME $24,717 $28,367

RENT SURVEY154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

Address Beds Baths Rent55 Roswell Ave 0 1 $1,250121 Ximeno Ave 0 1 $1,295144 Ximeno Ave 0 1 $1,500 Median $1,5004108-4114 E Broadway 0 1 $2,495

Average: $1,635

25 Bennett Ave 1 1 $1,4503900 E 1st St 1 1 $1,49560 Belmont Ave 1 1 $1,60026 Belmont Ave 1 1 $1,625209 Belmont Ave 1 1 $1,895 Median $1,895112 Bennett Ave 1 1 $1,950112 Bennett Ave 1 1 $1,975129 Roycroft Ave 1 1 $1,995

Average: $1,748

223 Grand Ave 2 2 $1,995159 Roycroft Ave 2 1 $1,9953700 E Broadway 2 1 $2,19543 Ximeno Ave 2 1 $2,295120 Roswell Ave 2 1 $2,3003930 E 1st St 2 1 $2,395 Median $2,395215 Euclid Ave 2 2 $2,45070 Belmont Ave 2 1 $2,7503939 E Allin St 2 2 $2,900122 Roycroft Ave 2 1 $2,960116 Bennett Ave 2 1 $2,995

Average: $2,475

PROPERTY PHOTOS154 Bennett Avenue | Long Beach, CA 90803

PROPERTY PHOTOS154 Bennett Avenue | Long Beach, CA 90803

PROPERTY PHOTOS154 Bennett Avenue | Long Beach, CA 90803

PROPERTY PHOTOS154 Bennett Avenue | Long Beach, CA 90803

PROPERTY PHOTOS154 Bennett Avenue | Long Beach, CA 90803

PROPERTY PHOTOS154 Bennett Avenue | Long Beach, CA 90803

SALE COMPARABLES154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

Subject 2 3 4 5 6 7

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Avg.

3.448

Cap Rate

Subject 2 3 4 5 6 7

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Avg.

17.517

Gross Rent Multiplier

SALE COMPARABLES154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

Subject 1 2 3 4 5 6

$41,000

$82,000

$123,000

$164,000

$205,000

$246,000

$287,000

$328,000

$369,000

$410,000

Avg.

$349,625

Price per Unit

Subject 1 2 3 4 5 6 7

$68

$136

$204

$272

$340

$408

$476

$544

$612

$680

Avg.

$461.50

Price per Sq. Ft.

SALE COMPARABLES154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

S

Villa Fiore Apartments ­ Investment Offering154 Bennett Avenue, Long Beach, CA

Sale Price $5,200,000

Spaces 15

Rentable SqFt 7,696

Price/SqFt $675.68

Lot Size 12,703

Cap Rate 3.72%

Year Built 1924

1

108 Roswell Avenue, Long Beach, CA

Sale Price $3,800,000

Units 10

Price/Unit $380,000

Price/SqFt $518.28

Lot Size 6,316

Year Built 1928

Sale Date 3/31/2020

Mix Layout

8 1 Bedroom / 1 Bath

2 2 Bedroom / 1 Bath

2

32 Argonne Avenue, Long Beach, CA

Sale Price $1,895,000

Units 5

Price/Unit $379,000

Price/SqFt $645.88

Lot Size 2,169

Cap Rate 3.6%

GRM 16.8

Year Built 1931

Sale Date 2/21/2020

Days­On­Mkt 109

Mix Layout

1 Studio/Efficiency

4 1 Bedroom / 1 Bath

NotesSUPERIOR LOCATION

SALE COMPARABLES154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

3

33 Nieto Avenue, Long Beach, CA 90803

Sale Price $2,450,000

Units 7

Price / Unit $350,000

Price/SqFt $571.23

Lot Size 4,596

Cap Rate 3.78%

GRM 15.5

Year Built 1947

Sale Date 1/22/2020

Days­On­Market 147

# Units Unit Type

7 1 Bedroom / 1 Bath

NotesSUPERIOR LOCATION

4

4603 East Broadway, Long Beach, CA 90803

Sale Price $1,400,000

Units 5

Price / Unit $280,000

Price/SqFt $325.58

Lot Size 7,170

Cap Rate 2.97%

GRM 18.8

Year Built 1922

Sale Date 12/18/2019

# Units Unit Type

5 1 Bedroom / 1 Bath

5

105 Roswell Avenue, Long Beach, CA 90803

Sale Price $2,470,000

Units 8

Price / Unit $308,750

Price/SqFt $460.73

Lot Size 3,049

Cap Rate 3.6%

GRM 19.0

Year Built 1943

Sale Date 10/18/2019

Days­On­Market 125

# Units Unit Type

2 Studio/Efficiency

3 1 Bedroom / 1 Bath

3 2 Bedroom / 2 Bath

SALE COMPARABLES154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

6

102 Pomona Avenue, Long Beach, CA 90803

Sale Price $2,400,000

Units 6

Price / Unit $400,000

Price/SqFt $431.11

Lot Size 4,792

Cap Rate 3.7%

GRM 16.5

Year Built 1928

Sale Date 9/27/2019

Days­On­Market 51

# Units Unit Type

5 2 Bedroom / 1 Bath

7

52­54 Roswell Avenue, Long Beach, CA 90803

Sale Price $2,000,000

Price/SqFt $277.66

Lot Size 4,792

Cap Rate 3.04%

GRM 18.5

Year Built 1945

Sale Date 6/14/2019

Days­On­Market 107

# Units Unit Type

4 1 Bedroom / 1 Bath

1 2 Bedroom / 1 Bath

1 3 Bedroom / 2 Bath

NotesLISTED & SOLD BY STEVE LAMPE

SALE COMPARABLES154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

S 154 Bennett AvenueLong Beach, CA, 90803$5,200,000

1 108 Roswell AvenueLong Beach, CA, 90803$3,800,000

2 32 Argonne AvenueLong Beach, CA, 90803$1,895,000

3 33 Nieto AvenueLong Beach, CA, 90803$2,450,000

4 4603 East BroadwayLong Beach, CA, 90803$1,400,000

5 105 Roswell AvenueLong Beach, CA, 90803$2,470,000

6 102 Pomona AvenueLong Beach, CA, 90803$2,400,000

7 52­54 Roswell AvenueLong Beach, CA, 90803$2,000,000

PROPERTY MAP154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliablebut not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

AERIAL MAP154 Bennett Avenue | Long Beach, CA 90803

LOCATION MAP154 Bennett Avenue | Long Beach, CA 90803

REGIONAL MAP154 Bennett Avenue | Long Beach, CA 90803

DEMOGRAPHICS154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

Population 1 Mile 3 Mile 5 Mile

Male 13,857 (49.55 %) 101,134 (49.08 %) 182,161 (49.43 %)

Female 14,106 (50.45 %) 104,913 (50.92 %) 186,367 (50.57 %)

Total Population 27,963 206,047 368,528

Race Demographics 1 Mile 3 Mile 5 Mile

Population Non Hispanic White 23,072 116,892 201,606

Population Black 699 18,245 32,436

Population Am In/Ak Nat 7 327 600

Housing 1 Mile 3 Mile 5 Mile

Housing Units 17,037 97,797 163,458

Occupied Units 15,813 90,153 150,747

Owner Occupied Units 5,158 31,621 65,599

Renter Occupied Units 10,655 58,532 85,148

Vacant Units 1,224 7,644 12,711

DEMOGRAPHICS154 Bennett Avenue | Long Beach, CA 90803

The accuracy of all  information, regardless of source,  including but not  limited to square footagesand  lot  sizes,  is  deemed  reliable  but  not  guaranteed  and  should  be  personally  verified  throughpersonal inspection by and/or with the appropriate professionals.

Household Income 1 Mile 3 Mile 5 Mile

Median Income $68,883 $53,946 $55,609

Less than $10,000 664 5,606 9,167

$10,000 ­$14,999 658 5,528 9,051

$15,000 ­ $19,999 460 4,038 7,401

$20,000 ­$24,999 538 4,923 8,396

$25,000 ­ $29,999 752 4,270 7,393

$30,000 ­ $34,999 711 4,635 7,152

$35,000 ­ $39,999 792 4,364 6,867

$40,000 ­ $44,999 707 3,897 6,468

$45,000 ­ $49,999 786 3,745 5,876

$50,000 ­ $59,999 1,261 6,574 10,434

$60,000 ­ $74,999 1,377 8,497 13,341

$75,000 ­ $99,999 1,722 9,841 16,659

$100,000 ­ $124,999 1,385 6,465 11,409

$125,000 ­ $149,999 949 3,882 6,929

$150,000 ­ $199,999 934 4,495 8,660

Greater than $200,000 1,149 4,760 7,319

Age Breakdown 1 Mile 3 Mile 5 Mile

Ages 0­4 1,125 (4.02 %) 10,942 (5.31 %) 19,994 (5.43 %)

Ages 5­9 1,291 (4.62 %) 12,730 (6.18 %) 24,197 (6.57 %)

Ages 10­14 1,019 (3.64 %) 11,303 (5.49 %) 22,348 (6.57 %)

Ages 15­19 837 (2.99 %) 10,811 (5.25 %) 21,966 (5.96 %)

Ages 20­24 873 (3.12 %) 11,805 (5.73 %) 23,279 (6.32 %)

Ages 25­29 1,109 (3.97 %) 13,008 (6.31 %) 24,295 (6.59 %)

Ages 30­34 1,680 (6.01 %) 14,479 (7.03 %) 25,081 (6.81 %)

Ages 35­39 2,425 (8.67 %) 16,286 (7.90 %) 26,782 (7.27 %)

Ages 40­44 2,995 (10.71 %) 17,494 (8.49 %) 28,210 (7.65 %)

Ages 45­49 3,131 (11.20 %) 17,510 (8.50 %) 28,659 (7.78 %)

Ages 50­54 2,847 (10.18 %) 16,011 (7.77 %) 26,778 (7.27 %)

Ages 55­59 2,417 (8.64 %) 13,920 (6.76 %) 23,764 (6.45 %)

Ages 60­64 1,951 (6.98 %) 11,528 (5.59 %) 19,840 (5.38 %)

Ages 65­69 1,531 (5.48 %) 8,918 (4.33 %) 15,563 (4.22 %)

Ages 70­74 1,038 (3.71 %) 6,412 (3.11 %) 11,465 (3.11 %)

Ages 75­79 681 (2.44 %) 4,433 (2.15 %) 8,355 (2.27 %)

Ages 80­84 411 (1.47 %) 3,017 (1.46 %) 6,088 (1.65 %)

Ages 85+ 602 (2.15 %) 5,440 (2.64 %) 11,864 (3.22 %)