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 building itself is a beautiful brick structure, adding to the character of the East Village while providing a robust and low-maintenance asset for the investor.
This is an excellent opportunity to acquire a mixed-use property in one of Long Beach's most vibrant areas. Buyer to verify all details, including the motel designation with city permitting and financials.
