201 PCH (“the project”), is entitled and approved to build 138 residential units. The project offers the investor/developer an opportunity to acquire a development project that eliminates any entitlement risk; thus, saving money by reducing carrying costs. Additionally, it is located in an Opportunity Zone designation, a new tax saving strategy for long term real estate investor. It allows the investor to defer capital gain tax and eventually eliminates capital gains tax.
The 201 PCH mixed use project is sold with approved entitlements and existing architectural plans. This project has been approved to build 138 residential units. The project consists of 4 parcels of land totaling ±1.59 acres, around ±69,000 square feet, located at the corner of Pacific Coast Hwy and Pacific Ave in the city of Long Beach.
The project will feature ± 182,000 sqft of residential and commercial spaces, divided into two/five story multi-level mixed use buildings. It consists of 138-unit apartments on 2nd floor to 5th floors, with a mixture of 89 units of 1-bedroom studio, 32 units of two-bedroom/two bath, and 8 units of three-bedroom/two bath. The total of residential rentable square feet is 115,000. The commercial square foot is ± 25,000 square feet, on the first level, including a market & storage area, business center, fitness, lobby, leasing office, and utility storage area. The complex will have all required parking spaces on four parking levels, with two levels of subterranean parking. The total square feet for garage area is 99,900 with a total of 258 parking spaces, including 25 spaces for electric vehicles and 78 spaces for bicycle parking.
