Address
944 Pacific Avenue Long Beach, CA
Price
$ 2,250,000
Property Attributes
  • MLS#PW20056333
  • TypePending
  • CountyLOS ANGELES
  • CityLong Beach
  • AreaDowntown Area - Alamitos Beach
  • NeighborhoodDowntown
  • Zip90813
  • Style
  • Price$ 2,250,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage4583
  • Lot Size6,765 SqFt
Listing Provided Courtesy Of:
Jeff Anderson with Keller Williams Pacific Estate.
Property Description

944 Pacific represents a rare opportunity to acquire a non-rent controlled, 2020 built, turn-key apartment complex in Downtown Long Beach, an extremely hot sub-market in the Los Angeles MSA. The property has been exquisitely built, with features including shared out-door space, open floor-plans, excessive natural light, and loft ceiling heights. The attractive unit-mix includes one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units. With nearly every inch of the property being completely brand new having been converted from a creative office building, all building systems are new and to current building codes including plumbing, electrical, and mechanical (mini-split units for each apartment), which will significantly reduce ongoing maintenance costs for several years. There is further value to be added by constructing three additional units as the asset contains excess parking on-site beyond what's required by code (preliminary estimates by entitlement consultant suggest the planning approval could be obtained within 6-8 months of submission of the conceptual site plan review package). Utilizing conservative assumptions, by completing the addition of the 3 units the asset could produce a CAP rate of 7.48% by year-5. Preliminary site-plans and construction budgets for the 3 additional units are available upon request.

Price History
3/20/2020 Listed $2,450,000
9/18/2020 9% - $2,250,000

General Features

Attached Structure Detached
Co-Listing Agent Last Name Matthew
Co-Listing Agent Last Name Firth
Co-Listing Agent State License # 01903073
Co-listing Agent Matthew Firth - BRE#01903073
Community Features Curbs, Sidewalks, Urban
Cooling Central Air
Directions Take 710 South to Anaheim East Exit, Take right on Pacific Ave
Garage Spaces 0.00
Heating Central
Levels Two
Listagentaor Pacific West
Listing Agent Jeff Anderson - BRE#01729514
Listing Agent State License 01729514
MLS Area 4 - Downtown Area, Alamitos Beach
Number of Units Leased 5
Pool Features None
Price Per Square Foot 490.94
Sewer Public Sewer
Source System CRMLS
Special Listing Conditions Standard
Subdivision Name Downtown (DT)
Subdivision Name Downtown (DT)
Total Units 6
Zoning LBCCN

Interior Features

1st Bedroom Area 700
1st Bedroom Area Unit Type Square Feet
2nd Bedroom Area 892
2nd Bedroom Area Unit Type Square Feet
3rd Bedroom Area Unit Type Square Feet
Air Conditioning Y/N Yes
Common Walls No Common Walls
Heating Y/N Yes
Laundry Features Gas & Electric Dryer Hookup, Inside, Washer Hookup
Laundry Y/N Yes
Studio Area Unit Type Square Feet
Total Stories 2

Exterior Features

Building Area Total 4583.00
Lot Features Level with Street, Rectangular Lot, Walkstreet
Lot Size Acres 0.1553
Lot Size Area 6766.0000
Lot Size Source Assessor
Lot Size Square Feet 6766.00
Lot Size Units Square Feet
Number of Buildings 1
Number of Separate Electric Meters 7
Number of Separate Gas Meters 7
Number of Separate Water Meters 7
Numberofrentedgarages 4
Total Parking 10.00
Uncovered Spaces 10.00
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 90813

Price
AVG $940K
$2.25M
Visits
AVG 92
41
Year Built
AVG 1961
2020

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