154 Elm AVE Long Beach, CA 90802
UPDATED:
12/17/2024 03:38 PM
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID NP24250696
HOA Y/N No
Year Built 1921
Lot Size 3,720 Sqft
Property Description
Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm & Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential.
The building consists of four commercial business tenants on the ground floor, generating reliable income, along with 11 rented residential units above—10 studios and 1 one-bedroom—currently on month-to-month leases. Note: 10 of the residential units do not have private bathrooms 2 are shared upstairs. With a solid CAP rate over 6%, this property offers a strong return on investment. All units are due for increases as soon as the new owner decides. The units above have a motel designation, offering future flexibility for potential conversion.
This property is professionally managed, ensuring ease of ownership and maintenance. For buyers interested in converting the units to a motel or renovating, new management services will be available to facilitate a smooth transition and maximize the property's potential with rent increases and renovation.
The building itself is a beautiful brick structure, adding to the character of the East Village while providing a robust and low-maintenance asset for the investor.
This is an excellent opportunity to acquire a mixed-use property in one of Long Beach's most vibrant areas. Buyer to verify all details, including the motel designation with city permitting and financials.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD30
Interior
Interior Features Multiple Staircases, All Bedrooms Up
Heating Central, Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Laminate
Fireplaces Type None
Fireplace No
Appliance Microwave
Laundry None
Exterior
Parking Features None, Community Structure
Pool None
Community Features Biking, Curbs, Gutter(s), Storm Drain(s), Street Lights, Urban
Accessibility Safe Emergency Egress from Home
Private Pool No
Building
Lot Description Corner Lot, No Landscaping, Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7281019008
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Special Listing Condition Standard, Trust
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