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1757 Long Beach Boulevard, Long Beach, California 90813, Long Beach, 90813 - bed, bath

1757 Long Beach Boulevard, Long Beach, California 90813 home-pic-0
ACTIVE$2,500,000
1757 Long Beach Boulevard, Long Beach, California 90813
0Bed
0Bath
7,108Sqft
8,741Lot
Year Built
1936
Close
-
List price
$2.5M
Original List price
$3M
Price/Sqft
$352
HOA
-
Days on market
-
Sold On
-
MLS number
PW24211879
Home ConditionPoor
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $2.50M(60th), sqft - 7108(60th), beds - undefined(50th), baths - undefined(50th).

Value add mixed use property for sale in Long Beach along with separately parceled parking lot in rear on apartments. Total land size of 15,431 SF between both lots. Long terms owners and tenants with two retail units, 7 apartments units, and an excess of parking on Long Beach Blvd. A new owner has the opportunity to convert the two retail units out front into ADU's as well as build additional housing in the separate parking lot in the rear of the property. Owner only pays water and property taxes, separately metered for gas and electric. 1757 Long Beach Blvd, Long Beach, CA 90813, falls within the Midtown Specific Plan (SP-1) zoning area. This zoning allows for a variety of mixed-use developments, focusing on pedestrian-friendly commercial and residential project. With 4 stories and a Floor Area Ratio (FAR) of 2.0 (assumed based on typical mixed-use zoning), the total buildable area is 17,482 square feet. This can be spread across four stories, giving you 4,370.5 square feet per story (17,482 sq ft / 4 stories). You can build structures that combine retail spaces, offices, or residential units, such as apartments or condominiums, in mid- to high-density formats. A new owner could build up to 32 units of 500 square feet each under an FAR of 2.0 in a height of 4 stories or you could fit around 20 units (5 units/story * 4 stories) if each unit is 800 square feet. The subject property is located just outside the $6 Billion of development flooding into Downtown Long Beach, including the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific and Queen Mary Island.

Condition Rating
Poor
Built in 1936, this mixed-use property is 88 years old with no visible signs of significant recent renovations. The description 'value add' and the images showing dated exteriors, window AC units, and an unpaved parking lot indicate substantial repairs and rehabilitation are needed. While currently occupied, the property's systems and aesthetics are severely outdated, suggesting major components require replacement or significant upgrades to meet modern standards. No interior images of kitchens or bathrooms were provided, but the overall condition points to a property that is uncomfortable and likely has significant deferred maintenance.
Pros & Cons

Pros

Significant Development Potential: The property falls within the Midtown Specific Plan (SP-1) zoning, allowing for substantial mixed-use development (up to 4 stories, FAR 2.0, potentially 20-32 units), including converting retail to ADUs and building additional housing on the separate parking lot.
Existing Mixed-Use Income Stream: Features two retail units and seven apartment units with long-term tenants, providing immediate and stable cash flow upon acquisition.
Strategic Location & Growth Proximity: Situated just outside the $6 billion development zone in Downtown Long Beach, indicating strong future appreciation and demand driven by surrounding revitalization projects.
Valuable Separately Parceled Parking Lot: The inclusion of a separately parceled parking lot (total land size of 15,431 SF between both lots) significantly enhances development potential and overall land value.
Favorable Expense Structure: The owner only pays water and property taxes, with gas and electric separately metered for tenants, reducing operational overhead for the new owner.

Cons

Significant Capital Investment Required: Described as a 'value add' property, implying substantial renovation, modernization, or development costs will be necessary to maximize its potential and bring units to market rates.
Age of Property (1936): Built in 1936, the property likely requires significant updates to its infrastructure, systems, and aesthetics, potentially leading to unforeseen expenses and longer project timelines.
Potential for Below-Market Rents: The presence of 'long-term owners and tenants' suggests that current rents for the retail and apartment units may be below market value, requiring strategic rent increases or tenant turnover to optimize income, which can be a complex process.

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