Thank you
Jeffrey Delancy
Livel Real Estate
949-922-9552
Rare Multifaceted High-Revenue Mixed-Use Property with Vast Upside Potential in Long Beach! Dive into this diversified investment, a mixed-use property yielding strong revenue with upside potential and preliminary redevelopment concept plans. Nestled in an evolving Long Beach neighborhood, this compelling asset covers two lots with separate APN's, merging lucrative commercial operations with updated residential spaces for a dynamic revenue stream. The front building features two retail store fronts on the ground level, and upstairs a three bedroom apartment features dual primary sized rooms with a common bathroom. The rear duplex qualifies as a multi-family residential duplex. Upstairs at the rear you'll find a two-bedroom apartment (converted) with great balcony space and tons of daylight. Downstairs rear is a large one bedroom apartment. Each residential unit has its own new laundry in-unit and there's a long driveway with off-street parking at the back. The two separate APN's of this purchase opportunity could allow for conventional financing of the rear duplex, increasing attainability for newer or first time investors. The allure of this property extends beyond its current income generating capabilities to a future filled with promise, highlighted by the preliminary sketches for the development of 20 micro-apartment as an option for future development. Envision the rent roll on a prospective 20 micro-units building! Recent improvements and new construction are reshaping the neighborhood, not to mention the cities investment of over $750MM on infrastructure via the "Elevate '28" plan. These two buildings collectively known as 219 E 10th Street stand out as a stellar choice for investors aiming for a combination of steady diversified income and the opportunity for expansive growth and appreciation. The strategic benefits of owning a desirable mixed-use building with upside potential, redevelopment potential, and situated on two APN's make this a rare gem. Updated units, off-street parking, a prime location, and a manageable 5 door roster underscore the ease of stepping into this investment for new investors and seasoned professionals alike. With the owner open to exploring offers as they venture into new opportunities via a 1031exchange (will require the buyer's cooperation), this scenario presents a rare window to invest a forward-thinking, multifaceted investment perfect for those poised to leverage the city's bright prospects and sights on the long term. APN #7273-007-037 and APN #7273-007-035. Subject to Long Beach / CA rent control law. All remarks made in good faith, however cannot be guaranteed by listing agent / broker.
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Total Bedrooms : 6
Total Baths: 3
Full Baths: 0
Half Baths: 0
Sewer : Sewer Tap Paid
Property Appliances: Gas Cooktop,Disposal,Gas Oven,Dryer,Washer
Wall/Window Unit(s)
Air Conditioning
Wall Furnace
Has Heating
Year Built: 1909
Building Area Total: 4,836
Construction: Stucco
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.132
Lot Size Source: Appraiser
Lot Size Square Feet: 5751
Original List Price: 1,750,000
Listing Contract Date: 2024-03-21
Listing Agreement: Exclusive Right To Sell
Parcel Number: 7273007037
Garage Description: Garage,Private,Tandem,Uncovered
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 4 - Downtown Area, Alamitos Beach
Postal Code Plus 4: 4303
Directions: Take Long Beach Blvd West toward coast, turn right on 10th St. Building is on Right (East) side of street.
Zoning: LBPD29
Source Property Type: Residential Income
Area: 4 - Downtown Area, Alamitos Beach
Property Age: 115
Property Condition: Updated/Remodeled
Year Built Source: Assessor
Total Square Feet Living: 4836
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
650 E 15th Street #A-D, Long Beach, CA,90813 | $1,950,000 | -- | -- | 4,158 | 6790 Sqft |
923 Long Beach Boulevard, Long Beach, CA,90813 | $3,300,000 | -- | -- | -- | 16500 Sqft |
1367 Alamitos Avenue, Long Beach, CA,90813 | $1,090,000 | 4 | 2 | 1,890 | 7218 Sqft |
1830 1838 E 7th Street, Long Beach, CA,90813 | $2,650,000 | -- | -- | 6,044 | 11668 Sqft |
1044 Cedar Avenue, Long Beach, CA,90813 | $1,275,000 | 12 | 7 | 4,766 | 7451 Sqft |
1151 Daisy Avenue, Long Beach, CA,90813 | $2,800,000 | -- | -- | 4,604 | 7440 Sqft |
914 N Loma Vista Drive, Long Beach, CA,90813 | $2,200,000 | -- | -- | 4,502 | 8623 Sqft |
1526 Cedar Avenue, Long Beach, CA,90813 | $1,650,000 | -- | -- | 4,464 | 7735 Sqft |
1135 Linden Avenue, Long Beach, CA,90813 | $1,450,000 | -- | -- | 4,146 | 7519 Sqft |
1380 Cherry Avenue, Long Beach, CA,90813 | $1,075,000 | -- | -- | 2,752 | 5850 Sqft |
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ByOwner last updated this listing 05/21/2024 @ 20:06
MLS: 24371729
LISTED BY: Jeffrey DeLancy, Livel Real Estate
SOURCE: CRMLS
Buyer Agency Compensation: 3%
Buyer Agency Description: FULL 3% COMMISSION offered to cooperating broker