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1491 Atlantic Avenue
Long Beach, CA 90813
Sold
1491 Atlantic Avenue
Long Beach, CA 90813
Sold
The subject property is a newly constructed 5-unit (fourplex + ADU) townhouse style apartment building located at 1491 Atlantic Blvd. in the city of Long Beach. Completed in 2022, this property is composed of two three-story structures with approximately 6,845 SF of rentable space sitting on a parcel of approximately 6,970 SF. The units at this property are significantly larger than other for-rent units typically found in the Long Beach market and are perfectly positioned for multi-generational families and work-from-home roommate environments. Three of the units are large 5-bedroom, 3.75 bath three-story townhome units of approximately 1,759 – 1,772 SF with attached two-car garages. One of the units is a 2-bedroom, 2.5 bath three-story townhome and the other remaining unit is a Studio ADU of approximately 440 SF. The 5br units and the 2br unit are fully occupied while the Studio ADU unit is still under construction and is scheduled to be completed in early January. For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Long Beach market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need. In terms of amenities, all units have central heating and air conditioning and all units except the Studio ADU have private balconies, an open kitchen layout with a large kitchen island, washer/dryer hookups and a full laundry room on the third floor. The bedroom and bathroom on the first floor of each 5-bedroom unit is ADA compliant. The seller is currently installing utility sub-metering equipment to allow the owner to bill back utilities (water, sewer and trash) to the tenants. This property fronts Atlantic Blvd. which is a busy north/south arterial through central Long Beach. Directly to the north of the property is Roosevelt Elementary School and Long Beach Polytechnic High School. St. Mary Medical Center is also located only four blocks to the south of the property on Atlantic Blvd. This property offers a rare opportunity for an investor to purchase a newly built 5-unit apartment building that benefits from a unit mix that is unique to the market.
PROPERTY INFORMATION
| MLS # | PW22220148 | Lot Size | 6,970 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 2,625,000
Price Per SqFt: $ 383 |
DOM | 940 Days |
| Address | 1491 Atlantic Avenue | Type | Residential Income |
| City | Long Beach | Sq.Ft. | 6,845 Sq. Ft. |
| Postal Code | 90813 | Garage | 6 |
| County | Los Angeles | Year Built | 2022 |
| Bed / Bath | 12 / 0 | Parking | 6 |
| Built In | 2022 | Status | Closed |
| Sold Date | 2023-03-07 |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Gas Dryer Hookup, Washer Hookup |
| Has Heating | Yes |
| Heating Information | Central |
| Has Cooling | Yes |
| Cooling Information | Central Air |
| InteriorFeatures Information | Balcony |
EXTERIOR FEATURES
| FoundationDetails | Slab |
| Roof | Bitumen, Flat |
| Has Pool | No |
| Pool | None |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,800
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 03/07/2023 | Sold | $2,550,000 |
| 01/17/2023 | Pending | $2,625,000 |
| 12/09/2022 | Price Change | $2,625,000 (-2.78%) |
| 10/11/2022 | Listed | $2,700,000 |
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Listing provided courtesy of Matthew Wenzel, Marcus & Millichap. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
