3641 E 1st St, Long Beach, CA 90803

Property Description

Belmont Heights stands as one of Long Beach’s most desirable and supply-constrained coastal submarkets. Renowned for its historic architecture, walkable streets, and proximity to the shoreline, this neighborhood continues to attract a stable and high-quality tenant base. Professionals, retirees, and renters-by-choice are drawn to the area’s unique character, vibrant community feel, and unmatched lifestyle amenities, including 2nd Street’s dining and retail corridor, Bluff Park, and California State University, Long Beach. With its consistent track record of strong occupancy and rent growth, Belmont Heights remains one of the most enduring multifamily markets in Southern California. The Versailles Apartments present an investor with a rare opportunity to acquire a well-positioned, 36-unit community in this coveted submarket. The property offers a diverse mix of units, including three studio (600 SF), twenty-seven one-bedroom (750 SF), three two-bedroom/two-bath unit (1,200 SF), and three three-bedroom/two-bath units (1,400 SF). Designed with operational efficiency in mind, all units are individually metered for electricity, feature their own water heaters, and are supported by laundry facilities on each floor. Additional highlights include a secured parking garage with 36 spaces, elevator service, and a roof less than two years old. The fourth floor boasts ocean views and access to a rooftop balcony, enhancing the property’s long-term tenant appeal. Currently in clean and functional condition, the Versailles is primed for repositioning through targeted renovations. Strategic upgrades to unit interiors, common areas, and exterior curb appeal can unlock significant rental upside, allowing an investor to capitalize on both immediate NOI growth and long-term appreciation. Given Belmont Heights’ constrained supply, strong rental demand, and consistent growth trajectory, the opportunity to modernize this asset provides a compelling path to value creation. Ultimately, the Versailles Apartments combine location, stability, and untapped potential in a way few assets can. For investors seeking to establish or expand their footprint in one of Long Beach’s most resilient neighborhoods, this offering represents an exceptional chance to pair operational strength with clear value-add upside.