$7,200,000 - 937 Pine Avenue, Long Beach

  • 0Beds
  • Baths
  • 0SQ. Feet
  • 0.52Acres

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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Sales Agent

Sam SmithBeach Cities Real EstatePhone: 562-355-8228 Cell: 562-355-8228 Contact Agent Now

Essential Information

  • MLS® #:24373895
  • Price:$7,200,000
  • Bathrooms:0.00
  • Acres:0.52
  • Type:Land
  • Status:Active
  • Listing Agent:Adam Peterson
  • Listing Office:CB Richard Ellis, Inc.

Community Information

  • Address:937 Pine Avenue
  • Area:4 - Downtown Area, Alamitos Beach
  • City:Long Beach
  • County:Los Angeles
  • Zip Code:90813

Amenities

  • View:City Lights, Coastline, Bay, Bridge(s), Harbor

Exterior

  • Lot Description:Flat

Additional Information

  • Date Listed:March 28th, 2024
  • Days on Market:35
  • Zoning:PD-30
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Based on information from California Regional Multiple Listing Service, Inc. as of May 2nd, 2024 at 2:30am CDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.