Description

14-Unit Multifamily Development Opportunity in Prime Long Beach Transit Corridor or keep this is a high cap rate income property. Currently generating $4000/month, tenant on MTM, and willing to work with the new owner to update their lease terms. This other bonus is this an Exceptional opportunity to acquire a potential 14-unit multifamily development site located in one of Long Beach’s most sought-after development zones and within a designated transit corridor. This corner-lot property has conditionally approved plans for a ±13,000 SF, three-story apartment project featuring 14 units, including three affordable units. The thoughtfully designed development includes modern amenities such as in-unit washer/dryers, dishwashers, elevator access, and a rooftop community space. The project also benefits from no on-site parking requirement, creating significant savings in both construction cost and design efficiency. This is a rare chance multifamily development in a high demand, transit-oriented Long Beach location with multiple avenues for future value creation. Highlights: Potential land assemblage (adjacent owner owns four contiguous parcels totaling an additional 28,588 sqft) Located in a highly desired development zone and identified transit corridor. Additional soil testing required by Regional Waterboard (first round of testing already submitted) with an estimated cost of $40-50k, sellers will provide all documentation to hand over on the transition.