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Sold for $3,620,000 on 02/20/25
  • Listing Provided by: 

    Parker Boehle DRE #02054215 310-988-8361,

    NorthMarq Realty Services, Inc,

    Brent Sprenkle DRE #01290116,

    NorthMarq Realty Services, Inc

    $3,620,000

    1701 E Ocean Blvd, Long Beach, CA 90802

    --beds
    --baths
    8,388sqft
    Multi Family
    Built in 1958
    -- sqft lot
    $3,565,800 Zestimate®
    $432/sqft
    $3,300 Estimated rent

    What's special

    Assumable Loan Available at only 3.81%! Located in the heart of Alamitos Beach, just steps away from the iconic shoreline, 1701 E. Ocean Blvd. offers an ideal opportunity to acquire a Corner Lot, 9-unit Trophy property in one of Long Beach’s most coveted neighborhoods. This Legacy property is operating at a strong 5.19% Cap Rate and 12.72 GRM! The Ocean Blvd. apartments have been extremely well maintained and upgraded by ownership. In recent years, the building has had major renovations to both the plumbing and roof. Inside, units feature built-in cabinetry, new quartz countertops, vintage crown molding, hardwood flooring, and large dining rooms with arched walkways that highlight the building’s timeless charm. Tenants enjoy the luxury of being just minutes from some of Long Beach’s most desirable locations, including the Pike Outlets, Retro Row, Second Street, Bixby Park, and the prospering Downtown Long Beach! Totaling just under 8,400 Sq.Ft., the property includes an exceptional unit mix of (1) Two-Bedroom/Two-Bath (~1,200 Sq.Ft.), (4) Two-Bedroom/One-Bath units (~1,100 Sq.Ft.), and (4) One-Bedroom/One-Bath units (~700 Sq.Ft.). Each unit offers ample closet and storage space, and select units offer washer/dryer hookups and private patios! There is a community laundry room on-site, offering additional convenience. There are a total of (8) parking spaces, including (5) garages and (3) tandem spots for tenants. These spaces could also be viewed as a potential ADU, being on the back corner of the lot. With four units being delivered vacant and an assumable loan at only 3.81% through Aug. 2028, this is an incredibly rare opportunity to cash flow on one of Long Beach’s most sought-after streets! Whether you are looking for stable cash flow or a property with long-term appreciation potential, this property is a rare find in today’s market!

    Zillow last checked: 7 hours ago

    Listing updated: February 20, 2025 at 02:43pm

    Listing Provided by:

    Parker Boehle DRE #02054215 310-988-8361,

    NorthMarq Realty Services, Inc,

    Brent Sprenkle DRE #01290116,

    NorthMarq Realty Services, Inc

    Bought with:

    Thomas Cole, DRE #01463959

    The Realestate Group

    Source: CRMLS,MLS#: OC24244770MLS LogoOriginating MLS: California Regional MLS

    Facts & features

    Interior

    Appliances
    • Laundry: Common Area, Washer Hookup, Electric Dryer Hookup
    Features
    • Common walls with other units/homes: 2+ Common Walls
    Interior area
    • Total structure area: 8,388
    • Total interior livable area: 8,388 sqft

    Property

    Parking
    • Total spaces: 8
    • Parking features: Garage
    • Garage spaces: 5
    Features
    • Levels: Two
    • Stories: 2
    • Entry location: 1
    • Pool features: None
    Lot
    • Size: 6,753 sqft
    • Features: 0-1 Unit/Acre
    Details
    • Parcel number: 7265018040
    • Zoning: LBR4R
    • Special conditions: Standard

    Construction

    Type & style
    • Home type: MultiFamily
    • Property subtype: Multi Family
    • Attached to another structure: Yes
    Condition
    • New construction: No
    • Year built: 1958

    Utilities & green energy

    • Sewer: Public Sewer
    • Water: Public

    Community & neighborhood

    Community
    • Community features: Biking, Curbs, Dog Park, Golf, Gutter(s), Street Lights, Sidewalks
    Location
    • Region: Long Beach

    Other

    Other facts
    • Listing terms: Cash,Cash to New Loan
    Services availability
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    Estimated market value

    $3,565,800