1720 Petaluma Ave, Long Beach, CA 90815
List Price: $2.59M
Listing Status: Hold
0Days on Market: 0
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 2022
Lot Size: 7,378 sq ft
Garage Spaces: 1
Private Pool: Yes
MLS Number: PW26197030
About This Property
Located in one of the most coveted, supply constrained submarkets in SoCal, 1720 Petaluma Ave is situated in East Long Beach, just 0.5mi from CSULB's campus. The property is a new construction, purpose built student housing opportunity consisting of two spacious, detached units on an oversized lot. Grossing $182,580 annually, 1720 Petaluma's units consist of a front house 7 bedroom/7 bath open floorplan unit, and a rear home 4 bedroom/4 bath unit with expansive 15ft ceilings and ample natural light. Both units benefit from high end appliances, luxury finishes, and ensuite, private bathrooms. Each unit has dedicated laundry machines, private patios, and a large back yard with a lounge area and spa for tenants' enjoyment. Given the lack of available CSULB student housing, these high-end, new construction units have had consistent, overwhelming rental demand. Additionally, each lease comes with parental co-signer guarantees, and tenants pay 100% of utilities. 1720 Petaluma is priced attractively at a 5% cap rate with another 13% in NOI upside. This opportunity provides access to a strong and steady renter base, a unique hedge against CA rent control, strong rental upside, and long term appreciation in an A+ location.
Listing provided by: Shane Young DRE #01963090 562-318-0215 Shane@YoungLewin.com, Younglewin Advisors, Inc.
Source: CRMLS, MLS #: PW26197030
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.