Multifamily
944 Pacific Ave
944 Pacific Ave, Long Beach, CA 90813
Listing Price: $1,850,000
Investment Overview
Marcus & Millichap is pleased to present to market 944 Pacific Avenue in Long Beach, California. This offering presents an excellent turnkey acquisition opportunity: converted from a creative office building into an apartments in 2020, this building is not subject to rent control.
944 Pacific Avenue features four one-bed/one-bath units, one two-bed/one-bath, and one two-bed/two-bath unit. Unit interiors boast modern finishes, in-unit laundry, and mini splits to support rental demand. The units are separately metered for all utilities; with tenants paying their own gas, electric, and water, owner expenses are minimized. The building also offers controlled access, a landscaped courtyard with patios, and a large parking lot with an E/V charger. The building’s electrical and plumbing were updated during the building use conversion.
The property is located in Downtown Long Beach, offering easy access to major employers, retail, and attractions. This transit-friendly location is also just three blocks from the Metro E Line and proximate to the 710 Freeway.
944 Pacific Ave
Investment Highlights
- Turnkey Asset Not Subject to Rent Control: Converted from a creative office space in 2020, this six-unit building is not subject to rent control
- Diverse Unit Mix: Four one-bed/one-baths, one two-bed/one-bath, and one two-bed/two-bath
- Desirable Amenities: In-unit laundry, mini splits, modern finishes, landscaped courtyard with patios, controlled access, and on-site parking with E/V charging
- Rental Upside: Current rents present 15 percent potential upside
- Separately Metered for All Utilities: Tenants pay their own electric, gas, and water, keeping owner expenses to a minimum
- Located in Downtown Long Beach: Conveniently near retail, major employers and attractions, and three blocks to the Metro E Line
Exclusively Listed By
Listing Price: $1,850,000
Investment Highlights
- Turnkey Asset Not Subject to Rent Control: Converted from a creative office space in 2020, this six-unit building is not subject to rent control
- Diverse Unit Mix: Four one-bed/one-baths, one two-bed/one-bath, and one two-bed/two-bath
- Desirable Amenities: In-unit laundry, mini splits, modern finishes, landscaped courtyard with patios, controlled access, and on-site parking with E/V charging
- Rental Upside: Current rents present 15 percent potential upside
- Separately Metered for All Utilities: Tenants pay their own electric, gas, and water, keeping owner expenses to a minimum
- Located in Downtown Long Beach: Conveniently near retail, major employers and attractions, and three blocks to the Metro E Line
Investment Overview
Marcus & Millichap is pleased to present to market 944 Pacific Avenue in Long Beach, California. This offering presents an excellent turnkey acquisition opportunity: converted from a creative office building into an apartments in 2020, this building is not subject to rent control. 944 Pacific Avenue features four one-bed/one-bath units, one two-bed/one-bath, and one two-bed/two-bath unit. Unit interiors boast modern finishes, in-unit laundry, and mini splits to support rental demand. The units are separately metered for all utilities; with tenants paying their own gas, electric, and water, owner expenses are minimized. The building also offers controlled access, a landscaped courtyard with patios, and a large parking lot with an E/V charger. The building’s electrical and plumbing were updated during the building use conversion. The property is located in Downtown Long Beach, offering easy access to major employers, retail, and attractions. This transit-friendly location is also just three blocks from the Metro E Line and proximate to the 710 Freeway.
Exclusively Listed By
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