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Adam Peterson
CB Richard Ellis, Inc.
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140-Unit Development Site in Prime Long Beach, Entitled at COE. Available for sale or joint venture, the offering consists of a forthcoming entitlement for a140-unit multifamily project on .516 acres of land situated on the corner of Pine Ave. and 10th St. Located just north of Downtown Long Beach and around the corner from the Pacific Ave. Blue Line light rail, the three-parcel site is subject to attractive high density zoning ideal for multifamily development. 937-947 Pine Ave. offers an incredible, walkable amenity base and transit connectivity. Ownership is in the process of obtaining an entitlement for a140-unit, woodframe over concrete podium, 8-story, at-grade apartment project with 15 restricted affordable units and approximately 2000 square feet of ground floor retail/amenity space. New construction apartments in Downtown Long Beach and the surrounding area achieve rents surpassing $4 per square foot, well above the submarket and County averages. As part of a state-mandated housing planning process to relieve the current housing shortage, the city of Long Beach is tasked with adding over 26,000 new homes to its housing stock by 2029. Housing permits have decreased significantly since over 1000 units were permitted in 2021 suggesting a lack of new supply once 937-947 Pine is expected to deliver.
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Total Baths: 0
Full Baths: 0
Half Baths: 0
Sewer : Other
Lot Dimensions Source: Assessor
Lot Size Acres: 0.5165
Lot Size Dimensions: 150x150
Lot Size Source: Assessor
Lot Size Square Feet: 22500
Original List Price: 7,200,000
Listing Contract Date: 2024-03-28
Listing Agreement: Exclusive Right To Sell
Parcel Number: 7273014008
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 4 - Downtown Area, Alamitos Beach
Postal Code Plus 4: 4325
Directions: Southwest corner of Pine Ave. & W. 10th St.
Zoning: PD-30
Source Property Type: Land
Area: 4 - Downtown Area, Alamitos Beach
Year Built Source: Vendor Enhanced
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 05/19/2024 @ 18:15
MLS: 24373895
LISTED BY: Adam Peterson, CB Richard Ellis, Inc.
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.