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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Data Provided by:
California Regional Multiple Listing Service