944 Pacific Avenue
944 Pacific Avenue
$2,250,000
6
7
4,583
4,583
$491
Closed 10/30/20
Description
944 Pacific represents a rare opportunity to acquire a non-rent controlled, 2020 built, turn-key apartment complex in Downtown Long Beach, an extremely hot sub-market in the Los Angeles MSA. The property has been exquisitely built, with features including shared out-door space, open floor-plans, excessive natural light, and loft ceiling heights. The attractive unit-mix includes one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units. With nearly every inch of the...944 Pacific represents a rare opportunity to acquire a non-rent controlled, 2020 built, turn-key apartment complex in Downtown Long Beach, an extremely hot sub-market in the Los Angeles MSA. The property has been exquisitely built, with features including shared out-door space, open floor-plans, excessive natural light, and loft ceiling heights. The attractive unit-mix includes one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units. With nearly every inch of the property being completely brand new having been converted from a creative office building, all building systems are new and to current building codes including plumbing, electrical, and mechanical (mini-split units for each apartment), which will significantly reduce ongoing maintenance costs for several years. There is further value to be added by constructing three additional units as the asset contains excess parking on-site beyond what's required by code (preliminary estimates by entitlement consultant suggest the planning approval could be obtained within 6-8 months of submission of the conceptual site plan review package). Utilizing conservative assumptions, by completing the addition of the 3 units the asset could produce a CAP rate of 7.48% by year-5. Preliminary site-plans and construction budgets for the 3 additional units are available upon request.
- Listed by Jeff Anderson • DRE #01729514 • Brokerage DRE #01917184 • Keller Williams Pacific Estate
- Listed by Matthew Firth • DRE #01903073 • Brokerage DRE #01903073 • Matthew Firth, Broker
Property Details for 944 Pacific Avenue
Parking Spaces Total
10
Private PoolNo
Cooling TypeCentral Forced Air
Total Units6.0
Building TypeDetached
Lot Size SourceAssessor
Living Area4583
Assessor Parcel Number7273-014-003
Location
LISTING UPDATED: 11/04/2021 09:19 AM
Property Details for 944 Pacific Avenue
Status | Closed |
---|---|
MLS # | PW20056333 |
Days on Market | 62 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 2020 |
Lot Size | 0.16 AC / 6,766 SF |
County | Los Angeles County |
Location
Building Information for 944 Pacific Avenue
Stories2Residences-Year Built2020Building Size-Lot Size0.16 AC / 6,766 SF
Payment Calculator
$14,810 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 944 Pacific Avenue
Property History for 944 Pacific Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 944 Pacific Avenue
Taxable ValueLand$624,240Additions$1,716,660Total$2,340,900
Tax Record2023$30,375 ($2,531 / month)
Home Facts
Total Finished SqFt4,583 SqFtAbove Grade Finished SqFt4,583 SqFtStories1Lot Size6,766 SqFtStyleMulti-Family Res (5+ Units)Year Built1959ZoningLBCCNCountyLOS ANGELESAPN7273-014-003
Schools near 944 Pacific Avenue
This home is within Long Beach Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
International Elementary School PublicK to 5 | ||
Washington Middle School Public6 to 8 | ||
Polytechnic High School Public9 to 12 | ||
Renaissance High School For The Arts Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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