1025 Locust Ave Long Beach, CA 90813

This 8-unit multifamily property is located approximately 1 mile from the beach and pier in downtown Long Beach. Situated within the city’s Opportunity Zone, the property is within walking distance of Pine Ave, 4th Street’s Retro-Row, restaurants, bike trails, schools, churches, a dog park, a grocery store, and approximately 200 feet from the Metro A line train station. Constructed in the 1920s, the building features woodwork, built-in cabinetry, high ceilings, crown moldings, and expansive floor plans with natural light. Interior upgrades include remodeled kitchens and bathrooms, refurbished hardwood flooring, quartz/granite countertops, new wood plank vinyl flooring, 44 new windows installed in 2021, new fixtures, custom two-tone paint, and AC window cooling. Exterior upgrades include new common area plank flooring, new landscaping, exterior paint and trim, a new garage/auto door, and a concrete driveway. The units are larger than nearby apartments. The oversized 3-room studios include galley-style kitchens with counter-to-ceiling cabinets and walk-in closets. The large 1-bedroom units offer full-size kitchens, walk-in showers, bathtubs, and a service porch. The property includes a spacious backyard area and four garages, offering ADU building potential. New statewide density and parking requirements for multi-units near mass transit offer similar development upside as the 97-unit 1112 Locust apartment building. The 5,498 sq. ft building space allows for the potential to double the current bedroom count or increase income with fully furnished apartments.