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Listed by Joshua Coburn • Chamberlain Real Estate
$1,895,000
Est. payment /mo
7,500 SqFt
Pending
154 Elm Avenue Long Beach, CA 90802
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UPDATED:
01/28/2025 08:34 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 7,500 sqft
Price per Sqft $252
MLS Listing ID CRNP24250696
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1921
Lot Size 3,720 Sqft
Property Description
Prime Mixed-Use Investment Opportunity in Downtown Long Beach Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm & Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential. The building consists of four commercial business tenants on the ground floor, generating reliable income, along with 11 rented residential units above—10 studios and 1 one-bedroom—currently on month-to-month leases. Note: 10 of the residential units do not have private bathrooms 2 are shared upstairs. With a solid CAP rate over 6%, this property offers a strong return on investment. All units are due for increases as soon as the new owner decides. The units above have a motel designation, offering future flexibility for potential conversion. This property is professionally managed, ensuring ease of ownership and maintenance. For buyers interested in converting the units to a motel or renovating, new management services will be available to facilitate a smooth transition and maximize the property’s potential with rent increases and renovation. The buil
Location
State CA
County Los Angeles
Interior
Heating Wall Furnace, Other
Cooling Wall/Window Unit(s)
Flooring Laminate, Carpet
Fireplace No
Laundry No Hookups
Exterior
Handicap Access Other
Building
Lot Description Corner Lot, Other
Water Public
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