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Listed by Tyler Leeson • Marcus & Millichap RE Invest
$2,125,000
Est. payment /mo
6,142 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 6,142 sqft
Price per Sqft $345
MLS Listing ID OC-26199510
Year Built 1922
Lot Size 7,405 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
1111 Pine Avenue is a 12-unit multifamily investment opportunity located in Long Beach, California. Built in 1922, 1111 Pine Avenue features a unit mix of 7 studios and 5 1-bed/1-bath units totaling approximately 6,142 square feet of net rentable area. The property offers a gated central courtyard, on-site laundry facility and 4 garage parking spaces. The property has benefited from extensive improvements under current ownership, with most units substantially renovated as vacancies occurred over roughly the last decade. Five units have been recently renovated with all-new kitchens and bathrooms, including 4 currently vacant units whose renovations were just completed and are positioned to be leased at current market rental rates. Renovated interiors feature a mix of updated cabinetry, countertops and flooring as well as recessed lighting, with finishes varying by unit. Ownership has also invested in the building's major systems, including new copper plumbing and updated electrical. Together with the extensive interior renovation history, these improvements represent meaningful capital investment in the property and provide a stronger physical foundation for future ownership. Current rents remain below prevailing market levels, providing additional long-term income growth potential. More immediately, the 4 newly renovated vacant units allow an incoming owner to establish market rents on one-third of the property at acquisition. Combined with the substantial improvements already completed throughout the building, 1111 Pine Avenue offers a compelling balance of current condition, near-term lease-up potential and longer-term rental upside.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry Community
Exterior
Garage Spaces 4.0
Pool None
Community Features Curbs, Gutters, Sidewalks, Street Lights
Building
Lot Description Level with Street
Sewer Public Sewer
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Nearby Locations
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900