944 Pacific Ave - Apartments FOR SALE


Long Beach, CA 90813- Downtown Long Beach
$1,850,000 USD
424-405-3826
944 Pacific Ave, Long Beach, CA for Sale
$1,850,000 USD
Apartments - FOR SALE
1/7
null | 5.43% Cap Rate

944 Pacific Ave
Long Beach, CA 90813
Downtown Long Beach


HIGHLIGHTS

  • Turnkey Asset Not Subject to Rent Control: Converted from a creative office space in 2020, this six-unit building is not subject to rent control
  • Diverse Unit Mix: Four one-bed/one-baths, one two-bed/one-bath, and one two-bed/two-bath
  • Desirable Amenities: In-unit laundry, mini splits, modern finishes, landscaped courtyard with patios, controlled access, and on-site parking with E/V
  • Rental Upside: Current rents present 15 percent potential upside
  • Separately Metered for All Utilities: Tenants pay their own electric, gas, and water, keeping owner expenses to a minimum
  • Located in Downtown Long Beach: Conveniently near retail, major employers and attractions, and three blocks to the Metro E Line

OVERVIEW

Marcus & Millichap is pleased to present to market 944 Pacific Avenue in Long Beach, California. This offering presents an excellent turnkey acquisition opportunity: converted from a creative office building into an apartments in 2020, this building is not subject to rent control. 944 Pacific Avenue features four one-bed/one-bath units, one two-bed/one-bath, and one two-bed/two-bath unit. Unit interiors boast modern finishes, in-unit laundry, and mini splits to support rental demand. The units are separately metered for all utilities; with tenants paying their own gas, electric, and water, owner expenses are minimized. The building also offers controlled access, a landscaped courtyard with patios, and a large parking lot with an E/V charger. The building’s electrical and plumbing were updated during the building use conversion. The property is located in Downtown Long Beach, offering easy access to major employers, retail, and attractions. This transit-friendly location is also just three blocks from the Metro E Line and proximate to the 710 Freeway.

FOR SALE DETAILS

PRICE

$1,850,000 USD

PRICE/SF

$404 USD /SF

# OF UNITS

6

PRICE/UNIT

$308,333

CAP RATE

5.43%

% LEASED

-

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

10

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,765 SF

ZONING

LBPD30

APN/PARCEL ID

7273-014-003

ASK ABOUT THIS PROPERTY

Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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