1111 Pine AvenueLong Beach, CA 90813

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.

Property Information

Property type

Residential Income

Sub-type

Apartment

Year built

1922

Stories

2

Building area

6,142 Sq Ft

Lot size

0.17 acres

Garage spaces

4

Parking spaces

4

Days on market

18

MLS^® Listing#

OC26199510

Property Features

Pool

None

Laundry

Common Area

Community

Curbs · Street Lights · Sidewalks

Sewer

Public Sewer

Water source

Public

Parcel number

7273005038

Directions

Cross Streets of Pine Avenue & East 10th Street