$3,800,000
- Beds
- Unknown
- sq ft
- 11,750
728 Cerritos Ave, Long Beach, CA 90813
728 Cerritos Ave
Long Beach, CA 90813
- 164 days on market
- Price drop $400,000↓
We are pleased to present a 19+1 unit apartment building located at 728 Cerritos Avenue in Long Beach, California. This is a value-add opportunity in a great location. The subject property is close to 4th Street Retro Row, Downtown Long Beach and 2nd Street in Belmont Shore where there are restaurants, shops, bars, grocery stores and entertainment venues. The subject property consists of two parcels that total 11,750 rentable square feet spread throughout a 12,614 square foot lot. One property was built in 1924 and the other was built in 1952. The properties consist of 7 studios, 11 one bed/one bath units and 2 two bedroom / one bath units. The subject property is also separately metered for gas and electricity which helps keep expenses to a minimum. There are a total of 9 garages which generate income as well. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living close to the ocean breeze and walking distance to shops, restaurants, cafes, entertainment centers and grocery stores.
The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. There has been over $2B invested in real estate transactions and new development projects since 2013. There are 3,997 residential units in the development pipeline. Notable completed projects near the subject property include the Shoreline Gateway at 777 E. Ocean Blvd. which is 35 stories high with 315 residential units and 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at 200 W. Ocean Blvd has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Ave. has 271 units with 1,302 sq. ft. of retail and commercial space. Currently under construction is the renovation at the Breakers Hotel at 210 E. Ocean Blvd, Broadway Block at 330 & 333 E. Broadway which is 432 units and over 17,793 sq. ft. of retail space, Aster at 250 E. Broadway with 218 units and 7,300 sq. ft. of commercial space, as well as the Broadstone Promenade which is 189 units with ground floor retail space as well. The Long Beach port has been undergoing $4.4 billion in redevelopment that will create 14,000 new and permanent jobs in Southern California.
Details
Property type
Apartment
Lot size
0.2896 acres
Price per sq ft
$324
Year built
1924
Price History
08/12/2024
CRMLS #PW24076719
Price change
$3,800,000
-9.52%
05/24/2024
CRMLS #PW24076719
Price change
$4,200,000
-6.67%
04/17/2024
CRMLS #PW24076719
Listed
$4,500,000
Schools & Community
Neighborhood:
Hellman
Elementary school:
Unknown
Middle school:
Unknown
High school:
Unknown
Community features: Curbs, Sidewalks
Community features:
Curbs, Sidewalks
Status: Active
Tomo last checked: 09/27/2024 at 7:15 PM
Listing updated: 09/27/2024 at 2:13 PM
Listed by: Kevin King, Marcus & Millichap Phone #: (562) 257-1200
MLS: CRMLS #PW24076719
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