Sold

Closed

1734 E 3rd Street

Long Beach CA, 90802

$3,900,000


$310.36 per sqft

Sold

Closed

12,566 sqft

Condo

Built in 1942

Listed by Kevin King with Marcus & Millichap 562-257-1200

We are pleased to present a 20 unit apartment building located in the heart of Alamitos Beach at 1734 E. 3rd Street in Long Beach, California. This is a value-add opportunity in an irreplaceable location. The subject property is walking distance to both to the Pacific Ocean and to 4th Street Retro Row where there are restaurants, boutique shops, bars and entertainment venues. The property was built in 1942 and consists of 12,566 rentable square feet spread throughout an 8,271 square foot lot. Sixteen of the apartment units are studios and four of the units are one bedroom and one bathroom units. It is also separately metered for gas and electricity which helps keep expenses to a minimum. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living close to the ocean breeze and 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. There has been over $2B invested in real estate transactions and new development projects since 2013. There are 3,997 residential units in the development pipeline. Notable completed projects near the subject property include the Shoreline Gateway at 777 E. Ocean Blvd. which is 35 stories high with 315 residential units and 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at 200 W. Ocean Blvd has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Ave. has 271 units with 1,302 sq. ft. of retail and commercial space. Currently under construction is the renovation at the Breakers Hotel at 210 E. Ocean Blvd, Broadway Block at 330 & 333 E. Broadway which is 432 units and over 17,793 sq. ft. of retail space, Aster at 250 E. Broadway with 218 units and 7,300 sq. ft. of commercial space, as well as the Broadstone Promenade which is 189 units with ground floor retail space. The Long Beach port has been undergoing $4.4 billion in redevelopment that will create 14,000 new and permanent jobs in Southern California.

Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a high demand rental market with strong in place income in one of the best neighborhoods of Long Beach.

PW23048232

MLS ID

March 27, 2023

Listed

May 25, 2024

Updated

Map

1734 E 3rd Street
Long Beach CA, 90802

Interior Features

Laundry Description

None


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.19 Acres


Lot Features

16-20 Units/Acre


Sewer

Public Sewer

Other Property Details

Area Name

4 - Downtown Area, Alamitos Beach


Days on Market

91


Garage

No


Parking

None


Parking Total

0


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LBR2N


Buyer Agency Compensation

2.5%

Listing History

Date

Event

Price

10/9/2023

Price Change

$3,900,000

-12%

10/9/2023

Sold

$3,900,000

6/26/2023

Pending

5/24/2023

Price Change

$4,400,000

-3%

Listing Contact: 562-257-1200 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/25/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 5/25/2024 at 2:28 AM UTC

 

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