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944 Pacific Avenue, Long Beach, CA 90813

$1,200,000
Commercial Property MLS# PW17096530 ID: 45046058
$1,200,000 Get Rates

Firth Howard is pleased to present a unique value-add investment opportunityfor both cash-flow investors and multifamily developers. The asset is fully entitled for conversion to 6 apartments or can be operated as-is with significant in-place cash flow from the current creative office tenants. 944 Pacific is situated in the most up-and-coming neighborhood in Downtown Long Beach, North Pine, where investors and developers are working together to create a commercial & residential vibesimilar to Rainey Street in Austin, Texas. Long Beach is becoming 'Austin on the Ocean', an eclectic, approachable, ethnically diverse and progressive city bustling with opportunity. The apartment concept features two units on the lower level and four on the upper level. On the lower level is a two bedroom two bath with generous open plan living space, and a one bedroom one bath opening into a creative entertaining room. Both ground-floor units are entitled with private garden patios. The upper level includes four units, each large 600SF one bedroom one bathroom units with generous kitchens and living rooms. The property currently has 8 of the 11 units leased on a month-to-month basis, providing investors in-place cash flow with the flexibility to give tenants 30 days notice to begin their conversion to multifamily units. The current operations are generating an average of $2.30/SF/MO plus NN reimbursements.

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Location Information near 944 Pacific Avenue
Offered by Matthew Firth at Matthew Firth, Broker

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Property Features for 944 Pacific Avenue
Status
Market Status
Available
Last Updated
August 22, 2017
Description
Property Type
Commercial Property
Year Built
1959

Building Features

  • Heating System: Forced Air Heat

Community Info

  • Gated Access

Legal/Financial

  • Taxes: 14300.0000

Location

  • MLS Area: 4 - Downtown Area, Alamitos Beach
  • Matthew Firth
  • Matthew Firth, Broker

Data Provided by:
California Regional Multiple Listing Service

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More information about this $1,200,000 Commercial Property at 944 Pacific Avenue

This $1,200,000 Commercial Property at 944 Pacific Avenue in Long Beach, CA is presented by Matthew Firth. This $1,200,000 Commercial Property, located in the 90813 zip code, has the following property features: MLS Area, Gated Access, Heating System, Taxes. This 944 Pacific Avenue Commercial Property, located in Los Angeles County , is listed under MLS listing number PW17096530 and has a listing price of $1,200,000. You can find more LONG BEACH homes for sale here.