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Listed by Christopher Van Vuuren • Lyon Stahl Investment Real Estate, Inc.
$ 3,000,000
Est. payment | /mo
7,836 SqFt
$ 3,000,000
Est. payment | /mo
7,836 SqFt
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 7,836 sqft
Price per Sqft $382
MLS Listing ID SB-25149498
Year Built 1959
Lot Size 7,506 Sqft
Property Sub-Type Apartment
Property Description
We are pleased to present 939 Pacific Avenue, a fully renovated thirteen-unit apartment complex located just outside the historic Drake Park/Willmore City neighborhood in Downtown Long Beach. Situated less than a block from the K-9 Corner Dog Park and a short bike ride to The Promenade and City Place Shopping Center, this property benefits from the continued revitalization of the Downtown Long Beach corridor. Tenants enjoy walkable access to retail, dining, entertainment, and major employment centers, along with excellent transit connectivity and a Walk Score of 93. The property consists of thirteen (13) spacious 1-bedroom/1-bathroom units, each averaging approximately 600 square feet. All units were fully remodeled by the previous owner in 2018-2019 with high-end finishes including quartz countertops, real wood shaker cabinetry, recessed lighting, stainless steel appliances, ceramic tile in wet areas, updated electrical, and new flooring. Exterior improvements during the same period included new dual-pane vinyl windows, fencing and gates, drought-tolerant landscaping, garage doors with openers, upgraded lighting, and a permitted outdoor BBQ area. In 2023, the current owner repaired or replaced all HVAC units as needed and upgraded the main electrical panel--demonstrating pride of ownership and a commitment to ongoing maintenance. Additional features include a coin-operated laundry room that generates supplemental income and a storage room that is currently unused, offering potential for added income or repurposing. The property also includes six (6) on-site garages, two of which are currently not in use and may be rented for additional income or potentially converted to ADUs (buyer to verify). One unit is currently move-in ready, offering immediate upside through lease-up at market rent. Priced at a 5.5% cap rate with over 11% rental upside, 939 Pacific Avenue offers investors a well-maintained, turn-key asset in one of Long Beach's most supply-constrained and appreciating coastal submarkets.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBCO
Interior
Laundry Common Area
Exterior
Parking Features Gated
Garage Spaces 6.0
Pool None
Community Features Sidewalks
Building
Lot Description Lot 6500-9999
Sewer Public Sewer
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