939 Pacific Ave - Apartments FOR SALE


Long Beach, CA 90813- Downtown Long Beach
$2,730,000 USD
424-220-8960
939 Pacific Ave, Long Beach, CA for Sale
$2,730,000 USD
Apartments - FOR SALE
1/28
null | 6.4% Cap Rate

939 Pacific Ave
Long Beach, CA 90813
Downtown Long Beach


HIGHLIGHTS

  • Recently renovated 13-unit multifamily apartment complex
  • Approximately 7,836 square feet located on a 7,506-square-foot lot, originally constructed in 1959
  • Walk Score of 93, excellent transit connectivity

OVERVIEW

We are pleased to present 939 Pacific Avenue, a renovated thirteen-unit apartment complex located just outside the historic Drake Park/Willmore City neighborhood in Downtown Long Beach. Situated less than a block from the Corner Dog Park and a short bike ride to The Promenade and City Place Shopping Center, this property benefits from the continued revitalization of the Downtown Long Beach corridor. Tenants enjoy walkable access to retail, dining, entertainment, and major employment centers, along with excellent transit connectivity and a Walk Score of 93. The property consists of thirteen (13) spacious 1-bedroom/1-bathroom units. All units were fully remodeled prior to current tenancy with high-end finishes including quartz countertops, real wood shaker cabinetry, recessed lighting, stainless steel appliances, ceramic tile in wet areas, and new flooring. Exterior improvements include new dual-pane vinyl windows, fencing and gates, drought-tolerant landscaping, garage doors with openers, upgraded lighting, and a permitted outdoor BBQ area. New main electric panel and sub panels. Additional features include a coin-operated laundry room that generates supplemental income and a storage room that is currently unused, offering potential for added income or repurposing. The property also includes six (6) on-site garages. Priced at a 6.40% cap rate, 939 Pacific Avenue offers investors a well-maintained, improved asset in one of Long Beach’s most supply-constrained and appreciating coastal submarkets.

FOR SALE DETAILS

PRICE

$2,730,000 USD

PRICE/SF

$348 USD /SF

# OF UNITS

13

PRICE/UNIT

$210,000

CAP RATE

6.4%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1959

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,505 SF

ZONING

LBPD30

APN/PARCEL ID

7272-012-009

ASK ABOUT THIS PROPERTY

Chris van VuurenLyon Stahl Investment Real EstateMore Info
424-220-8960

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Chris van VuurenLyon Stahl Investment Real EstateMore Info
424-220-8960

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.