OVERVIEW
Marcus and Millichap is pleased to present a 5 unit apartment building located at 337 Atlantic Avenue in Long Beach, California. The property has a rare characteristic of being built in 1991 and can converted to condos and is located in the East Village Area where many new developments are set for 2018 and 2019. It consists of 7,508 rentable square feet spread throughout a 7,788 square foot lot. Two units are 3 bedrooms / 2.5 bathrooms and three units are 2 bedrooms / 2.5 bathrooms. Each of the units has patios and balconies. The property is separately metered for gas, electricity and water with copper plumbing throughout the entire building. There are washer and dryer hookups in every unit. There are 11 parking spaces for tenant convenience and potential owner extra income. The subject property is located in Alamitos Beach Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living just three blocks from the ocean and walking distance to Downtown Long Beach where there are 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 will include a new city hall and the Port of Long Beach headquarters, as well as multi-family residential unit. Long Beach sustains its ability to attract renters due to its strong economy and high quality of life.
