Prime Mixed-Use Investment Opportunity in Downtown Long Beach
Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm &' Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential.
The building consists of four commercial business tenants on the ground floor, generating reliable income, along with 11 rented residential units above—10 studios and 1 one-bedroom—currently on month-to-month leases. Note: 10 of the residential units do not have private bathrooms 2 are shared upstairs. With a solid CAP rate over 6%, this property offers a strong return on investment. All units are due for increases as soon as the new owner decides. The units above have a motel designation, offering future flexibility for potential conversion.
This property is professionally managed, ensuring ease of ownership and maintenance. For buyers interested in converting the units to a motel or renovating, new management services will be available to facilitate a smooth transition and maximize the property’s potential with rent increases and renovation.
The building itself is a beautiful brick structure, adding to the character of the East Village while providing a robust and low-maintenance asset for the investor.
This is an excellent opportunity to acquire a mixed-use property in one of Long Beach’s most vibrant areas. Buyer to verify all details, including the motel designation with city permitting and financials.
Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm &' Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential.
The building consists of four commercial business tenants on the ground floor, generating reliable income, along with 11 rented residential units above—10 studios and 1 one-bedroom—currently on month-to-month leases. Note: 10 of the residential units do not have private bathrooms 2 are shared upstairs. With a solid CAP rate over 6%, this property offers a strong return on investment. All units are due for increases as soon as the new owner decides. The units above have a motel designation, offering future flexibility for potential conversion.
This property is professionally managed, ensuring ease of ownership and maintenance. For buyers interested in converting the units to a motel or renovating, new management services will be available to facilitate a smooth transition and maximize the property’s potential with rent increases and renovation.
The building itself is a beautiful brick structure, adding to the character of the East Village while providing a robust and low-maintenance asset for the investor.
This is an excellent opportunity to acquire a mixed-use property in one of Long Beach’s most vibrant areas. Buyer to verify all details, including the motel designation with city permitting and financials.
Property Details
Price:
$1,895,000
MLS #:
NP24250696
Status:
Active
Baths:
0
Address:
154 Elm Avenue
Type:
Residential Income
Subtype:
Commercial/Residential
Subdivision:
Downtown DT
Neighborhood:
4downtownareaalamitosbeach
City:
Long Beach
Listed Date:
Dec 11, 2024
State:
CA
ZIP:
90802
Lot Size:
3,720 sqft / 0.09 acres (approx)
Year Built:
1921
See this Listing
Mortgage Calculator
Schools
Interior
Accessibility Features
2+ Access Exits
Appliances
Microwave
Cooling
Wall/ Window Unit(s)
Fireplace Features
None
Flooring
Carpet, Laminate
Heating
Central, Wall Furnace
Interior Features
2 Staircases
Exterior
Community Features
Biking, Curbs, Gutters, Storm Drains, Street Lights, Urban
Garage Spaces
0.00
Lot Features
Corner Lot, Rectangular Lot, No Landscaping
Parking Features
None, Community Structure
Parking Spots
0.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Tenant Pays
None
Map
Community
- Address154 Elm Avenue Long Beach CA
- Area4 – Downtown Area, Alamitos Beach
- SubdivisionDowntown (DT)
- CityLong Beach
- CountyLos Angeles
- Zip Code90802
Similar Listings Nearby
- 1641 Locust Avenue
Long Beach, CA$2,450,000
1.32 miles away
- 1700 Pacific Avenue
Long Beach, CA$2,448,888
1.35 miles away
- 219 W 9th Street
Long Beach, CA$2,400,000
0.72 miles away
- 386 Mira Mar Avenue
Long Beach, CA$2,395,000
2.32 miles away
- 2219 Pine Avenue
Long Beach, CA$2,380,000
1.98 miles away
- 833 E 1st Street
Long Beach, CA$2,350,000
0.33 miles away
- 930 Belmont Avenue
Long Beach, CA$2,300,000
2.54 miles away
- 1004 E 5th Street
Long Beach, CA$2,300,000
0.52 miles away
- 1880 Cedar Avenue
Long Beach, CA$2,300,000
1.59 miles away
- 1135 E 3rd Street
Long Beach, CA$2,250,000
0.58 miles away
Courtesy of Chamberlain Real Estate. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
154 Elm Avenue
Long Beach, CA
LIGHTBOX-IMAGES