7 Units - Belmont Heights - Stabilized - Rent Increased 118% 🏖️
Just a short walk from the beach, Belmont Pier, and the shops and restaurants of 2nd street, 233 Mira Mar in Long Beach, has been stabilized.
Renovations were completed to restore the building's original character. The property was also greatly enhanced in our usual fashion with the addition of modern amenities required by today's astute tenant.
This property was acquired at a cap rate of 2.5% and after stabilization is at 6.5%. This is a tremendous improvement. Stabilized properties in this highly desirable area of Long Beach consistently sell in the 4.25%-4.75% range.
With the renovation and stabilization, Fund II investors have achieved immediate value creation and excellent cash flow.
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For more information on our current fund LMDG Fund III, download our flyer which outlines the strategy and structure of Fund III, projected returns, and our track record.
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