1720 Petaluma Ave, Long Beach, CA 90815
- $2,590,000
- List Price
- $2,590,000
- Status
- ACTIVE
- MLS#
- PW26197030
- Year Built
- 2022
- Lot Size
- 7,378
- Acres
- 0.17
- Lot Location
- Back Yard, Front Yard, Lawn, Yard
- Days on Market
- 2
- Property Type
- Multifamily
- Property Sub Type
- Apartment
- Stories
- One Level
- Neighborhood
- X-100s (X1)
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.
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Additional Information
- Pool Description
- None
- Heat
- Ductless
- Cooling
- Yes
- Cooling Description
- Ductless
- Garage Spaces Total
- 1
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Detached
- Number Of Units Total
- 2
- Gross Scheduled Income
- $182,580
- Operating Expense
- 49410
Listing courtesy of Listing Agent: Shane Young (Shane@YoungLewin.com) from Listing Office: Younglewin Advisors, Inc..
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.