$4,500,000 - 728 Cerritos Avenue, Long Beach
- 3Beds
- 3Baths
- 0SQ. Feet
- 0.29Acres
We are pleased to present a 19+1 unit apartment building located at 728 Cerritos Avenue in Long Beach, California. This is a value-add opportunity in a great location. The subject property is close to 4th Street Retro Row, Downtown Long Beach and 2nd Street in Belmont Shore where there are restaurants, shops, bars, grocery stores and entertainment venues. The subject property consists of two parcels that total 11,750 rentable square feet spread throughout a 12,614 square foot lot. One property was built in 1924 and the other was built in 1952. The properties consist of 7 studios, 11 one bed/one bath units and 2 two bedroom / one bath units. The subject property is also separately metered for gas and electricity which helps keep expenses to a minimum. There are a total of 9 garages which generate income as well. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living close to the ocean breeze and walking distance to shops, restaurants, cafes, entertainment centers and grocery stores. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. There has been over $2B invested in real estate transactions and new development projects since 2013. There are 3,997 residential units in the development pipeline. Notable completed projects near the subject property include the Shoreline Gateway at 777 E. Ocean Blvd. which is 35 stories high with 315 residential units and 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at 200 W. Ocean Blvd has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Ave. has 271 units with 1,302 sq. ft. of retail and commercial space. Currently under construction is the renovation at the Breakers Hotel at 210 E. Ocean Blvd, Broadway Block at 330 & 333 E. Broadway which is 432 units and over 17,793 sq. ft. of retail space, Aster at 250 E. Broadway with 218 units and 7,300 sq. ft. of commercial space, as well as the Broadstone Promenade which is 189 units with ground floor retail space as well. The Long Beach port has been undergoing $4.4 billion in redevelopment that will create 14,000 new and permanent jobs in Southern California.
Sales Agent
Sam SmithBeach Cities Real EstatePhone: 562-355-8228 Cell: 562-355-8228 Contact Agent NowEssential Information
- MLS® #:PW24076719
- Price:$4,500,000
- Bedrooms:3
- Bathrooms:3.00
- Acres:0.29
- Year Built:1924
- Type:Residential Income
- Sub-Type:Apartment
- Status:Active
- Listing Agent:Kevin King
- Listing Office:Marcus & Millichap
Community Information
- Address:728 Cerritos Avenue
- Area:699 - Not Defined
- City:Long Beach
- County:Los Angeles
- Zip Code:90813
Amenities
- Parking Spaces:9
- # of Garages:9
- Pool:None
Interior
- # of Stories:2
- Stories:Two
Exterior
- Lot Description:16-20 Units/Acre
Additional Information
- Date Listed:April 17th, 2024
- Days on Market:15
- Zoning:LBR2N
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Based on information from California Regional Multiple Listing Service, Inc. as of May 2nd, 2024 at 1:30pm 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.