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Listed by Shane Young, DRE #01963090 • Younglewin Advisors, Inc.
$ 2,395,000
Est. payment /mo
Price Dropped by $195K
1720 Petaluma Ave Long Beach, CA 90815
7,378 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26197030
Year Built 2022
Lot Size 7,378 Sqft
Property Sub-Type Duplex
Source California Regional MLS
Property Description
Located in one of the most sought-after, supply-constrained submarkets in Southern California, 1720 Petaluma Ave sits in East Long Beach just 0.5 miles from the CSULB campus. No new apartment buildings have been built in the 90815 zip code since 1989, which makes this rare, like-new offering stand out. The property is a purpose-built student housing asset with two spacious, turnkey detached homes on an expansive lot: a fully rebuilt and expanded front house and a brand-new rear home. It's a great fit for either a cash-flowing investment or an owner user. The front house was taken down to the studs and expanded with new construction into a 7 bed / 7 bath open floor plan home. The rear house is a 100% new construction 4 bed / 4 bath home with expansive 15 ft ceilings and lots of natural light. Both homes feature luxury vinyl plank floors, new high-end finishes and appliances, and a private ensuite bathroom for every bedroom. Each home has its own washer and dryer and private patio, and tenants share a large backyard with a lounge area and spa. The property is currently operated as CSULB student housing, with 11 rooms averaging $1,383/mo each for $15,215/mo, or $182,580 in gross annual income. Tenants pay all utilities, and parents co-sign every lease to guarantee rent. With an N
Location
State CA
County Los Angeles
Area 34 - Los Altos, X-100
Interior
Laundry Other, Washer, Washer/Dryer - Owned, Dryer
Exterior
Parking Features Garage, Off-Street Parking
Garage Spaces 3.0
Pool 2, None
Building
Story One Story
Water District - Public
Others
Tax ID 7239001027
Special Listing Condition Not Applicable
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