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1025 Locust Ave Long Beach, CA 90813

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For Sale
$1,825,000

Turnkey 8-unit apartment building near beach and public transit.

Lot size:
0.17 Acres

Property Features for 1025 Locust Ave

General Information

Property type
Investment
Standard status
Active
Lot size
0.17 Acres

Building Details

Year built
1923

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Listing Contact
Cameron Jacques
Source: Elliman

Listing Agent: Cameron Jacques

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

Downtown Long Beach Multifamily Asset

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.
Location Intelligence

Current Use by Public Records

Short term rental ...

Suggested Use

Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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City
Long Beach
County
Los Angeles
State
California
Longitude
-118.191453
Latitude
33.7796119

FAQs

What type of property is this?
Apartment building - Turnkey 8-unit apartment building near beach and public transit.
Where is this apartment building located?
The property is located at 1025 Locust Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: - Rare 8-unit turnkey property in a desirable downtown location, approximately 1 mile to the beach and pier.; - Located in a fast-growing Opportunity Zone, near Pine Ave, Retro Row, restaurants, and the Metro A line.; - No citywide rent control, offering significant flexibility for landlords.
More about this property
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