$3,620,000
$3,799,999
4.7%For more information regarding the value of a property, please contact us for a free consultation.
6,751 Sqft Lot
SOLD DATE : 02/20/2025
Key Details
Sold Price $3,620,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID OC24244770
Sold Date 02/20/25
HOA Y/N No
Year Built 1958
Lot Size 6,751 Sqft
Property Sub-Type Apartment
Property Description
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!
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4R
Interior
Fireplace No
Laundry Common Area, Washer Hookup, Electric Dryer Hookup
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Gutter(s), Street Lights, Sidewalks
Total Parking Spaces 8
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7265018040
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Conventional
Special Listing Condition Standard
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