335 Pacific Ave
Long Beach, CA 90802
Land For Sale
·
0.34 AC
INVESTMENT HIGHLIGHTS
- 141 units fully entitled
- Prime Frontage Along Pacific Ave
- Amenity Rich Downtown Long Beach
- In place income to offset holding costs
- Walking Distance to Mass Transit
EXECUTIVE SUMMARY
Colliers is pleased to present for sale the property commonly known as 335 Pacific Ave in the heart of Downtown Long Beach. Retained by the Owner as the exclusive advisors, Colliers is offering a rare opportunity to acquire redevelopment land totaling approximately 15,000 square feet that is fully entitled for 141 units. Currently, the property consists of approximately 9,726 SF of hotel/motel improvements that generate income.
Downtown Long Beach is currently home to some of the best amenities the city has to offer. Conveniently located along the Long Beach coast, Downtown Long Beach and more specifically 335 Pacific Ave are within a short walk to the ocean.
Surrounded by high-end retailers, shopping centers, restaurants and hotels, 335 Pacific Ave will only add to the long list of new, multifamily
development sites that have a proven track record of success in this rapidly gentrifying area.
Unlike the several projects before it, 335 Pacific Ave is entitled for a large percentage of micro units. For the younger generations who are
constantly on the go, the smaller unit size is perfect for their day-to-day operation and minimal time spent inside. A comfortable place
to sleep will be provided, along with access to the best Long Beach has to offer.
Fully entitled to allow a developer to sidestep a long approval process, 335 Pacific Ave still allows a developer to put their creative touch on building permits for a progressive market rate or affordable housing project in one of Southern California’s most vibrant areas. The micro unit component caters to a growing trend that should continue to evolve real estate development in urban areas.
335 Pacific Ave is a 10-story (2 subterranean, 8 above grade) multifamily redevelopment site that is entitled for 141 multifamily units with 110 of those considered “micro”. Of the 141 entitled units, 125 can be considered market-rate, while 16 must be set aside for affordable housing.
New and old amenities are within walking distance of this location. The beach is a mere 5 block walk, while shopping centers such as
the Promenade and Pike Outlets are a stone’s throw away.
Downtown Long Beach is currently home to some of the best amenities the city has to offer. Conveniently located along the Long Beach coast, Downtown Long Beach and more specifically 335 Pacific Ave are within a short walk to the ocean.
Surrounded by high-end retailers, shopping centers, restaurants and hotels, 335 Pacific Ave will only add to the long list of new, multifamily
development sites that have a proven track record of success in this rapidly gentrifying area.
Unlike the several projects before it, 335 Pacific Ave is entitled for a large percentage of micro units. For the younger generations who are
constantly on the go, the smaller unit size is perfect for their day-to-day operation and minimal time spent inside. A comfortable place
to sleep will be provided, along with access to the best Long Beach has to offer.
Fully entitled to allow a developer to sidestep a long approval process, 335 Pacific Ave still allows a developer to put their creative touch on building permits for a progressive market rate or affordable housing project in one of Southern California’s most vibrant areas. The micro unit component caters to a growing trend that should continue to evolve real estate development in urban areas.
335 Pacific Ave is a 10-story (2 subterranean, 8 above grade) multifamily redevelopment site that is entitled for 141 multifamily units with 110 of those considered “micro”. Of the 141 entitled units, 125 can be considered market-rate, while 16 must be set aside for affordable housing.
New and old amenities are within walking distance of this location. The beach is a mere 5 block walk, while shopping centers such as
the Promenade and Pike Outlets are a stone’s throw away.
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.34 AC |
| Zoning | LBPD30 |
1 LOT AVAILABLE
Lot
| Lot Size | 0.34 AC |
Fully Entitled 141 Unit Redevelopment Opportunity on a 15,000 SF lot with an existing 9,726 SF 35 unit hotel.
PROPERTY TAXES
| Parcel Number | 7280-015-096 | Improvements Assessment | $1,113 |
| Land Assessment | $367,003 | Total Assessment | $368,116 |
