Sold
1734 E 3rd Street
Long Beach CA, 90802
$3,900,000
$310.36 per sqft
Sold
12,566 sqft
Condo
Built in 1942
Listed by Kevin King with Marcus & Millichap 562-257-1200
We are pleased to present a 20 unit apartment building located in the heart of Alamitos Beach at 1734 E. 3rd Street in Long Beach, California. This is a value-add opportunity in an irreplaceable location. The subject property is walking distance to both to the Pacific Ocean and to 4th Street Retro Row where there are restaurants, boutique shops, bars and entertainment venues. The property was built in 1942 and consists of 12,566 rentable square feet spread throughout an 8,271 square foot lot. Sixteen of the apartment units are studios and four of the units are one bedroom and one bathroom units. It is also separately metered for gas and electricity which helps keep expenses to a minimum. 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. The Long Beach port has been undergoing $4.4 billion in redevelopment that will create 14,000 new and permanent jobs in Southern California.
Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a high demand rental market with strong in place income in one of the best neighborhoods of Long Beach.
PW23048232
MLSⓇ ID
March 23, 2023
Listed
March 23, 2024
Updated
Map
1734 E 3rd Street
Long Beach CA, 90802
Interior Features
Laundry Description
None
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.19 Acres
Lot Features
16-20 Units/Acre
Sewer
Public Sewer
Other Property Details
Area Name
4 - Downtown Area, Alamitos Beach
Days on Market
91
Garage
No
Parking
None
Parking Total
0
View
No
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
LBR2N
Buyer Agency Compensation
2.5%
Listing History
Date | Event | Price |
---|---|---|
10/9/2023 | Price Change | $3,900,000 -12% |
10/9/2023 | Sold | $3,900,000 |
6/26/2023 | Pending | — |
5/24/2023 | Price Change | $4,400,000 -3% |
Listing Contact: 562-257-1200
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 3/23/2024 at 1:26 AM UTC