Los Altos, X-100 (34) Homes with Apartment Subtype

**Discover the Charm of Los Altos, Long Beach**

Nestled in the vibrant city of Long Beach, California, Los Altos is a charming neighborhood that beautifully blends suburban tranquility with the dynamic energy of urban living. Known for its tree-lined streets and welcoming community, Los Altos offers a unique lifestyle that appeals to families, young professionals, and retirees alike.

The heart of Los Altos is its rich array of amenities, including parks, shopping centers, and top-rated schools. Residents enjoy easy access to several green spaces, such as El Dorado Park, where outdoor enthusiasts can partake in picnics, hiking, and various recreational activities. The local dining scene is equally impressive, with a diverse selection of eateries that cater to all tastes, making it a food lover’s paradise.

When it comes to homes, Los Altos boasts a variety of properties, including charming single-family homes and modern apartments. For those interested in apartment living, the area features well-maintained complexes that offer a range of amenities, from pools and fitness centers to community lounges. These apartments provide the perfect opportunity for those seeking a low-maintenance lifestyle without sacrificing comfort or convenience.

Living in Los Altos means being just a short drive away from the beautiful beaches of Long Beach, as well as a wealth of cultural attractions, including museums, theaters, and art galleries. With its perfect blend of community spirit and urban accessibility, Los Altos is a hidden gem that promises a fulfilling and vibrant lifestyle in sunny Southern California. Whether you’re looking to buy or rent, this neighborhood is sure to capture your heart.

Newest Los Altos, X-100 (34) Homes with Apartment Subtype

$2,395,000

PW26197030 MLS ⋅ Active Status

Located in one of the most sought-after, supply-constrained submarkets in Southern California, 1720 Petaluma Ave sits in East Long Beach just 0.5 miles from the CSULB campus. No new apartment buildings have been built in the 90815 zip code since 1989, which makes this rare, like-new offering stand out. The property is a purpose-built student housing asset with two spacious, turnkey detached homes on an expansive lot: a fully rebuilt and expanded front house and a brand-new rear home. It's a great fit for either a cash-flowing investment or an owner user. The front house was taken down to the studs and expanded with new construction into a 7 bed / 7 bath open floor plan home. The rear house is a 100% new construction 4 bed / 4 bath home with expansive 15 ft ceilings and lots of natural light. Both homes feature luxury vinyl plank floors, new high-end finishes and appliances, and a private ensuite bathroom for every bedroom. Each home has its own washer and dryer and private patio, and tenants share a large backyard with a lounge area and spa. The property is currently operated as CSULB student housing, with 11 rooms averaging $1,383/mo each for $15,215/mo, or $182,580 in gross annual income. Tenants pay all utilities, and parents co-sign every lease to guarantee rent. With an NOI of $132,681, 1720 Petaluma is attractively priced at a 5.54% cap rate, with another 13% of NOI upside and excellent loan terms available. That is the highest cap rate, lowest GRM, and lowest price per bedroom of any comparable CSULB-area sale in the past two years, about 28% below the median price per bedroom. Rooms rent for about 14% below comparable properties and for roughly the cost of an on-campus dorm, with a private ensuite bath instead of a shared hall. Owners can add further value by converting the garage or building a second detached ADU under California's new AB 956. CSULB has 40,000 students but housing for only 9% of them, and the property has been 100% pre-leased since 2022 with steady rent growth year over year. Professionally managed for easy ownership, this opportunity offers a strong and steady renter base, a hedge against California rent control, continued rent growth, and long-term appreciation in the A+ East Long Beach submarket.

1720 Petaluma Ave, Long Beach

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