42,321 SqFt
42,321 SqFt
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 42,321 sqft
Price per Sqft $94
MLS Listing ID PW26226565
HOA Y/N No
Year Built 1926
Lot Size 0.402 Acres
Property Sub-Type Mixed Use
Property Description
Based on current preliminary assumptions, the existing building could potentially be stabilized as retail/storage at an estimated ~12.5% cap rate, creating a rare value-add opportunity at the current basis.
As an alternative strategy, preliminary adaptive-reuse plans have been prepared for a 63-unit residential and retail mixed-use project. The concept includes converting approximately half of the ground floor, completing the mezzanine to create an additional residential level, and converting the second and third floors to accommodate approximately 63 residential units, consisting of 55 market-rate units and 8 affordable units, while retaining ground-floor retail. Based on current projections, the adaptive-reuse concept is estimated to achieve an approximately ~13.5% pro forma cap rate on total project cost, with approximately $6.0 million in estimated construction costs, approximately $8.5 million in projected developer profit, and an estimated ~87% return on total project cost.
The property may also be purchased with the neighboring 127 W 6th Street development site for an additional $995,000, providing additional parking and significant future development potential. The approximately 7,500 SF PD-30 site benefits from unlimited residential density and supports approximately 100 residential units under the base zoning framework, while a separate, more construction-efficient concept has been prepared for a seven-story, 45-unit mixed-use development consisting of 36 primary apartments plus 9 proposed ADUs.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Interior
Cooling Central Air
Fireplaces Type None
Fireplace No
Laundry None
Exterior
Pool None
Community Features Urban
View Y/N Yes
View City Lights
Private Pool No
Building
Lot Description Rectangular Lot
Dwelling Type Mixed Use
Story 4
Entry Level Multi/Split
Sewer Septic Type Unknown
Level or Stories Multi/Split
New Construction No
Schools
School District Long Beach Unified
Others
Senior Community No
Tax ID 7273024018
Acceptable Financing Subject To Other
Listing Terms Subject To Other
Special Listing Condition Standard
Nearby Locations