Marcus and Millichap is pleased to present an 11-unit apartment building located in Long Beach, California. This Spanish style property was built in 1928 and has beautiful curb appeal that boast unique Spanish characteristics and architecture. The property consists of 6,688 rentable square feet spread throughout a 6,688 square foot lot. Unit Mix includes seven studios, three one-bedroom/two bath units, and one three-bedroom/two bath units. It is separately metered for gas and electricity which helps keep expenses to a minimum. There are three one-car garages and one two-car garage for a total of five garages and multiple parking spaces for tenant convenience. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living 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 of $2.2 billion. An example of this large-scale redevelopment is the Long Beach Civic Center, which is estimated to be completed early 2019. The Civic Center ($533 Million) will include a new city hall and the Port of Long Beach headquarters, as well as multi-family residential units. There are $400 million in residential units, a hotel and retail space. Long Beach sustains its ability to attract renters due to its strong economy and high quality of life.
