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$ 2,590,000
Est. payment | /mo
11 Beds
11 Baths
7,378 Sqft Lot
$ 2,590,000
Est. payment | /mo
11 Beds
11 Baths
7,378 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision X-100S (X1)
MLS Listing ID PW26197030
Bedrooms 11
Lot Size 7,378 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Located in one of the most coveted, supply constrained submarkets in SoCal, 1720 Petaluma Ave is situated in East Long Beach, just 0.5mi from CSULB's campus. The property is a new construction, purpose built student housing opportunity consisting of two spacious, detached units on an oversized lot. Grossing $182,580 annually, 1720 Petaluma's units consist of a front house 7 bedroom/7 bath open floorplan unit, and a rear home 4 bedroom/4 bath unit with expansive 15ft ceilings and ample natural light. Both units benefit from high end appliances, luxury finishes, and ensuite, private bathrooms. Each unit has dedicated laundry machines, private patios, and a large back yard with a lounge area and spa for tenants' enjoyment. Given the lack of available CSULB student housing, these high-end, new construction units have had consistent, overwhelming rental demand. Additionally, each lease comes with parental co-signer guarantees, and tenants pay 100% of utilities. 1720 Petaluma is priced attractively at a 5% cap rate with another 13% in NOI upside. This opportunity provides access to a strong and steady renter base, a unique hedge against CA rent control, strong rental upside, and long term appreciation in an A+ location.
Location
State CA
County Los Angeles
Zoning Estimated
Direction South of Atherton just West of Studebaker
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 7239001027
Acceptable Financing Cash
Listing Terms Cash
Listed by Shane Young, DRE#01963090 Younglewin Advisors, Inc.
Nearby Locations
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Johnny Fitzmaurice