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$ 2,395,000
Est. payment /mo
Price Dropped by $195K
1720 Petaluma Ave Long Beach, CA 90815
11 Beds
11 Baths
7,378 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision X-100S (X1)
MLS Listing ID PW26197030
Bedrooms 11
Lot Size 7,378 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Located in one of the most sought-after, supply-constrained submarkets in Southern California, 1720 Petaluma Ave sits in East Long Beach just 0.5 miles from the CSULB campus. No new apartment buildings have been built in the 90815 zip code since 1989, which makes this rare, like-new offering stand out. The property is a purpose-built student housing asset with two spacious, turnkey detached homes on an expansive lot: a fully rebuilt and expanded front house and a brand-new rear home. It's a great fit for either a cash-flowing investment or an owner user. The front house was taken down to the studs and expanded with new construction into a 7 bed / 7 bath open floor plan home. The rear house is a 100% new construction 4 bed / 4 bath home with expansive 15 ft ceilings and lots of natural light. Both homes feature luxury vinyl plank floors, new high-end finishes and appliances, and a private ensuite bathroom for every bedroom. Each home has its own washer and dryer and private patio, and tenants share a large backyard with a lounge area and spa. The property is currently operated as CSULB student housing, with 11 rooms averaging $1,383/mo each for $15,215/mo, or $182,580 in gross annual income. Tenants pay all utilities, and parents co-sign every lease to guarantee rent. With an NOI of $132,681, 1720 Petaluma is attractively priced at a 5.54% cap rate, with another 13% of NOI upside and excellent loan terms available. That is the highest cap rate, lowest GRM, and lowest price per bedroom of any comparable CSULB-area sale in the past two years, about 28% below the median price p
Location
State CA
County Los Angeles
Zoning Estimated
Direction South of Atherton just West of Studebaker
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 7239001027
Acceptable Financing Cash
Listing Terms Cash
Listed by Shane Young, DRE#01963090 Younglewin Advisors, Inc.
Co-listed byDaniel Lewin • Younglewin Advisors, Inc.
Co-listed byDaniel Lewin • Younglewin Advisors, Inc.