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Active
154 Elm AVE Long Beach, CA 90802
3,720 Sqft Lot
UPDATED:
12/17/2024 02:46 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRNP24250696
Originating Board California Regional MLS
Year Built 1921
Lot Size 3,720 Sqft
Property Description
Prime Mixed-Use Investment Opportunity in Downtown Long Beach Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm & Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential. The building consists of four commercial business tenants on the ground floor, generating reliable income, along with 11 rented residential units above-10 studios and 1 one-bedroom-currently on month-to-month leases. Note: 10 of the residential units do not have private bathrooms 2 are shared upstairs. With a solid CAP rate over 6%, this property offers a strong return on investment. All units are due for increases as soon as the new owner decides. The units above have a motel designation, offering future flexibility for potential conversion. This property is professionally managed, ensuring ease of ownership and maintenance. For buyers interested in converting the units to a motel or renovating, new management services will be available to facilitate a smooth transition and maximize the property's potential with rent increases and renovation. Th
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Rooms
Kitchen Microwave
Interior
Heating Wall Furnace , Central Forced Air
Cooling Window / Wall Unit
Flooring Laminate
Laundry None
Exterior
Parking Features Common Parking - Shared, No Parking
Pool None
Building
Water District - Public
Others
Tax ID 7281019008
Special Listing Condition Not Applicable
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Listed by Joshua Coburn • Chamberlain Real Estate