944 Pacific Ave, Long Beach, CA 90813

Property Description

944 Pacific is FULLY ENTITLED and ready to be converted from the current office use to 6 large 1BR and 2BR apartments. Owners have bids ranging from $35k to $50k per unit to convert, or the asset can be operated as-is with significant in-place cash flow from the existing creative office tenants. 944 Pacific is situated in the most up-and-coming neighborhood in Downtown Long Beach, North Pine, bustling with opportunity with investors and developers creating an electric vibe similar to Rainey Street in Austin, Texas. 
 
 The apartment concept features two units on the lower level and four on the upper level. On the lower level is a two bedroom two bath with generous open plan living space, and a one bedroom one bath opening into a creative entertaining room. Both ground-floor units are entitled with private garden patios. The upper level includes four units, each large 600SF one bedroom one bathroom units with generous kitchens and living rooms. The property currently has 9 of the 11 units leased on a month-to-month basis, providing investors in-place cash flow with the flexibility to give tenants 30 days notice to begin their conversion to multifamily units. The current operations are generating an average of $2.30/SF/MO plus NN reimbursements for a gross rent of more than $2.50/SF.