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Jessie Rodriguez

info@calamericanhomes.com +1(909) 657-1022

$ 3,800,000

Est. payment -/mo

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Active

728 Cerritos AVE Long Beach, CA 90813

11,750 SqFt

UPDATED:

09/30/2024 05:39 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 11,750 sqft

Price per Sqft $323

MLS Listing ID PW24076719

HOA Y/N No

Year Built 1924

Lot Size 0.290 Acres

Acres 0.2896

Property Description

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.

Location

State CA

County Los Angeles

Area 699 - Not Defined

Zoning LBR2N

Rooms

Ensuite Laundry None

Interior

Laundry Location None

Fireplace No

Laundry None

Exterior

Garage Spaces 9.0

Garage Description 9.0

Pool None

Community Features Curbs, Sidewalks

Total Parking Spaces 9

Private Pool No

Building

Lot Description 16-20 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7266003017

Energy Description 5000.0

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

Listed by Kevin King • Marcus & Millichap • kking@marcusmillichap.com

Jessie Rodriguez

Owner | Realtor | License ID: 01418054

+1(909) 657-1022

Jessie Rodriguez

728 Cerritos AVE Long Beach, CA 90813

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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728 Cerritos AVE