944 Pacific represents a rare opportunity to acquire a non-rent controlled, 2020 built, turn-key apartment complex in Downtown Long Beach, an extremely hot sub-market in the Los Angeles MSA. The property has been exquisitely built, with features including shared out-door space, open floor-plans, excessive natural light, and loft ceiling heights. The attractive unit-mix includes one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units. With nearly every inch of the property being completely brand new having been converted from a creative office building, all building systems are new and to current building codes including plumbing, electrical, and mechanical (mini-split units for each apartment), which will significantly reduce ongoing maintenance costs for several years. There is further value to be added by constructing three additional units as the asset contains excess parking on-site beyond what's required by code (preliminary estimates by entitlement consultant suggest the planning approval could be obtained within 6-8 months of submission of the conceptual site plan review package). Utilizing conservative assumptions, by completing the addition of the 3 units the asset could produce a CAP rate of 7.48% by year-5. Preliminary site-plans and construction budgets for the 3 additional units are available upon request.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
