$2,290,000
$2,350,000
2.6%For more information regarding the value of a property, please contact us for a free consultation.
8,100 SqFt
SOLD DATE : 04/22/2024
Key Details
Sold Price $2,290,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 8,100 sqft
Price per Sqft $282
Subdivision North Long Beach (Nlb)
MLS Listing ID PW23184728
Sold Date 04/22/24
HOA Y/N No
Year Built 2023
Lot Size 6,207 Sqft
Property Description
** BRAND NEW BUILDING - PRICE REDUCED - NOW 6.55% CAP - 4 of the 5 Units Leased **
The subject property is a newly constructed 5-unit townhouse style apartment building located at 1115 E. Artesia Blvd. in the city of Long Beach. Construction on this building was completed in early February 2024 and leasing has begun (four of the five units have already been leased up).
This property is composed of three separate three-story structures with approximately 7,895 square feet of rentable space sitting on a parcel of approximately 6,208 square feet. The units at this property are significantly larger than other for-rent units typically found in the Long Beach market and are perfectly positioned for multi-generational families and work-from-home roommate environments. Three of the units are large 5-bedroom, 3.75 bath three-story townhome units of approximately 1,750 square feet with attached two-car garages. One of the units is a 4-bedroom, 3-bath three-story townhome unit of approximately 1,421 square feet and the fifth unit is an affordable housing unit and is a 3-bedroom, 2-bath unit of approximately 1,252 square feet.
For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Long Beach market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need.
In terms of amenities, all units have central heating and air conditioning and all units have private balconies, an open kitchen layout with a large kitchen island, and a full laundry room on the third floor of each unit including washers and dryers. The property has security gates in the front of the building for pedestrian access and in the rear of the building for vehicle access.
This property offers a rare opportunity for an investor to purchase a newly constructed 5-unit apartment building in a desirable rental market that
will benefit from a unique unit mix that is not commonly found in this market.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBCCA
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Dryer, Washer
Exterior
Garage Garage
Garage Spaces 6.0
Garage Description 6.0
Pool None
Community Features Curbs, Gutter(s), Storm Drain(s), Street Lights, Suburban, Sidewalks
Parking Type Garage
Total Parking Spaces 8
Private Pool No
Building
Lot Description Near Public Transit
Story 3
Entry Level Three Or More
Sewer Public Sewer
Water Public
Level or Stories Three Or More
New Construction Yes
Others
Senior Community No
Tax ID 7115007037
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Matthew Wenzel • Marcus & Millichap
GET MORE INFORMATION
CEO | DRE# SA695240000 | DRE# 02100184