154 Elm Avenue
Description
Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm & Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential. The building consists of four commercial business tenants on the ground...Prime Mixed-Use Investment Opportunity in Downtown Long Beach
Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm & Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential. The building consists of four commercial business tenants on the ground floor, generating reliable income, along with 11 rented residential units above—10 studios and 1 one-bedroom—currently on month-to-month leases. Note: 10 of the residential units do not have private bathrooms 2 are shared upstairs. With a solid CAP rate over 6%, this property offers a strong return on investment. All units are due for increases as soon as the new owner decides. The units above have a motel designation, offering future flexibility for potential conversion. This property is professionally managed, ensuring ease of ownership and maintenance. For buyers interested in converting the units to a motel or renovating, new management services will be available to facilitate a smooth transition and maximize the property’s potential with rent increases and renovation. The building itself is a beautiful brick structure, adding to the character of the East Village while providing a robust and low-maintenance asset for the investor. This is an excellent opportunity to acquire a mixed-use property in one of Long Beach’s most vibrant areas. Buyer to verify all details, including the motel designation with city permitting and financials.
- Listed by Joshua Coburn • DRE #02027758 • Brokerage DRE #02126177 • Chamberlain Real Estate • 562-552-1127
Property Details for 154 Elm Avenue
Property Details for 154 Elm Avenue
| Status | Active |
|---|---|
| MLS # | NP24250696 |
| Days on Market | 1 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Mixed Use |
| MLS Type | Residential Income |
| Year Built | 1921 |
| Lot Size | 0.09 AC / 3,720 SF |
| County | Los Angeles County |
Building Information for 154 Elm Avenue
Property Information for 154 Elm Avenue
- Tenant Pays: None
- Gross Income: $0
- Gross Scheduled Income: $181,000
- Net Operating Income: $106,000
- Gross Multiplier: 10.5
- Cap Rate: 6.2
- Operating Expense: $75,000
- Fuel Expense: $0
- Electric Expense: $6,000
- Insurance Expense: $6,000
- Professional Management Expense: $10,600
- Trash Expense: $5,500
- Water Sewer Expense: $4,500
- Total Expenses: $75,000
- Tax Block: 101
- Tax Tract Number: 576...
- Tax Census Tract: 5760.01
- Tax Lot: 2
- Accessibility Features: 2+ Access Exits
- Disability Access: 2+ Access Exits
- Assessments YN: Yes
- Assessments: Special Assessments
- Community Features: Biking, Curbs, Gutters, Storm Drains, Street Lights, Urban
- Appliances: Microwave
- Equipment: Microwave, None
- Interior Features: 2 Staircases
- Room Type: All Bedrooms Up, Entry
- Bedroom Features: All Bedrooms Up
- Laundry: No
- Laundry Features: None
- Fireplace Features: None
- Fireplace Rooms: None
- Cooling: Wall/Window Unit(s)
- Heating Type: Central, Wall
- Heating: Central, Wall Furnace
- Flooring: Carpet, Laminate
- Entry Location: 1
- Pool Features: None
- Pool Description: None
- Lot Features: Corner Lot, Rectangular Lot, No Landscaping
- Number Of Units: 15
- Improvements Amount: $15,000.00
- Land Lease: No
- Land Lease Type: Fee
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 0
- Parking Garage: None
- Parking Garage Spaces: 0
- Carport Spaces: 0
- Parking Features: None, Community Structure
- Builders Tract Name: Downtown
- Builders Tract Code: Downtown (DT)
- Unit Type Units Total: 10
- Unit Type Beds Total: 0
- Unit Type Baths Total: 0
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $745
- Unit Type Total Rent: $7,458
- Unit Type Pro Forma: 8000
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 0
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,075
- Unit Type Total Rent: $1,075
- Unit Type Pro Forma: 1800
- Unit Type Type: 2
- Unit Type Units Total: 4
- Unit Type Beds Total: 0
- Unit Type Baths Total: 0
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,645
- Unit Type Total Rent: $6,581
- Unit Type Pro Forma: 8000
- Unit Type Type: 3
- Number Of Units Leased: 14
- Rent Controlled: No
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 5
- Number Of Separate Gas Meters: 5
- Number Of Separate Water Meters: 5
- Number With Dishwasher: 0
- Number With Range: 0
- Number With Refrigerator: 0
- Number With Carpet: 0
- Number With Disposal: 0
- Number With Drapes: 0
- Number With Patio: 0
- Number Wall AC: 11
Property History for 154 Elm Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 154 Elm Avenue
Schools near 154 Elm Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Stevenson Elementary School PublicK to 5 | ||
Franklin Classical Middle School Public6 to 8 | ||
Polytechnic High School Public9 to 12 | ||
Renaissance High School For The Arts Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Chamberlain Real Estate, Joshua Coburn, DRE #02027758
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.