Investment Overview

Marcus & Millichap is pleased to offer for sale a newly constructed 5-unit townhouse style apartment building located at 1115 E. Artesia Blvd. in the city of Long Beach. Just recently completed (2023 Construction), this property is composed of a single three-story structure with approximately 8,100 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 1,650 square feet. The fifth unit is an affordable housing unit and is a 3-bedroom, 2-bath unit of approximately 1,200 square feet. This property was build in 2023 and is scheduled to be completed at September of 2023. 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, washer/dryer hookups and a full laundry room on the third floor of each unit. The bedroom and bathroom on the first floor of each unit is ADA compliant. This property fronts Artesia Blvd.. which is a busy east/west arterial through north Long Beach. Artesia Blvd. is a wide boulevard with a landscaped center divider and this road is currently being redone by the city of Long Beach. This property offers a rare opportunity for an investor to purchase a newly constructed 5-unit apartment building that benefits from a unit mix that is unique to the market.