2369 Pacific, Long Beach, California 90806, Long Beach, 90806 - bed, bath
ACTIVE$1,399,999$2,951/sqft
2369 Pacific, Long Beach, California 90806
0Bed
0Bath
2,951Sqft
7,263Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Mixed-Use Zoning & Versatility: Zoned CNP (Neighborhood Pedestrian-Oriented Commercial), the property offers excellent versatility for both residential and commercial use, appealing to a broad tenant base and future development opportunities.
Top Cons:
Age of Property: Built in 1931, the property is nearly a century old, which may necessitate significant capital expenditures for ongoing maintenance, repairs, and potential system upgrades.
Compared to the nearby listings
Price:$1.40M vs avg $1.27M (+$132,499.5)50%
Size:2,951 sqft vs avg 3,640.5 sqft50%
Price/sqft:$474 vs avg $41575%
More Insights
Built in 1931 (95 years old).
Condition: Built in 1931, this property is nearly a century old with no evidence of recent major renovations. The listing explicitly notes 'potential for deferred maintenance or outdated infrastructure (e.g., plumbing, electrical) that could require substantial investment to modernize.' The exterior images show significant age and wear, and there are no interior photos to suggest updated kitchens or bathrooms. Given the age and the stated need for 'substantial investment to modernize,' the property likely requires significant repairs and rehabilitation to bring it to current standards, aligning with a 'poor' condition score.
Year Built
1931
Close
-
List price
$1.4M
Original List price
$1.4M
Price/Sqft
$474
HOA
-
Days on market
-
Sold On
-
MLS number
DW26003271
Home ConditionPoor
Features
View-
About this home
Cash-Flow investment Opportunity in Long Beach. Located at 2369 Pacific Ave, this mixed-use property with future upside potential. Zoned CNP (Neighborhood Pedestrian-Oriented Commercial), the asset is ideal for investors seeking a versatile, income-producing property in a high-demand area. The property consists of multiple residential and commercial units. There are three 1-bedroom, 1-bath residential units. Each unit can collect $2,100 per month. Each of the Two commercial retail units can potentially collect $1,500 a month. Their are 4 garage parking spaces with the potential to be converted to two ADU's. The property features 14 on-site parking spaces and is conveniently located near schools, public transportation, and shopping centers, making it a compelling investment with immediate cash flow and long-term value-add potential.
S
Steven Padilla
Listing Agent
Nearby schools
8/10
Lafayette Elementary School
Public,•K-5•0.1mi
5/10
Burnett Elementary School
Public,•K-5•0.5mi
6/10
Birney Elementary School
Public,•K-5•0.9mi
8/10
Los Cerritos Elementary School
Public,•K-5•1.9mi
6/10
Robinson Academy
Public,•K-8•0.4mi
6/10
Washington Middle School
Public,•6-8•1.0mi
7/10
Hughes Middle School
Public,•6-8•2.0mi
6/10
Polytechnic High School
Public,•9-12•1.0mi
3/10
Cabrillo High School
Public,•9-12•1.3mi
Price History
Date
Event
Price
08/11/20
Sold
$800,000
Condition Rating
Poor
Built in 1931, this property is nearly a century old with no evidence of recent major renovations. The listing explicitly notes 'potential for deferred maintenance or outdated infrastructure (e.g., plumbing, electrical) that could require substantial investment to modernize.' The exterior images show significant age and wear, and there are no interior photos to suggest updated kitchens or bathrooms. Given the age and the stated need for 'substantial investment to modernize,' the property likely requires significant repairs and rehabilitation to bring it to current standards, aligning with a 'poor' condition score.
Pros & Cons
Pros
Mixed-Use Zoning & Versatility: Zoned CNP (Neighborhood Pedestrian-Oriented Commercial), the property offers excellent versatility for both residential and commercial use, appealing to a broad tenant base and future development opportunities.
Multiple Income Streams: The property features three 1-bedroom residential units and two commercial retail units, providing diversified and stable income sources for investors.
Significant Value-Add Potential: The presence of 4 garage parking spaces with the potential for conversion into two Accessory Dwelling Units (ADUs) offers a clear path to increase property value and rental income.
Strong Cash Flow Potential: With projected monthly income of $2,100 per residential unit and $1,500 per commercial unit, the property presents an attractive immediate cash flow opportunity.
Ample On-Site Parking: The property boasts 14 on-site parking spaces, a significant advantage for a mixed-use property in an urban area, enhancing convenience for both residential and commercial tenants.
Cons
Age of Property: Built in 1931, the property is nearly a century old, which may necessitate significant capital expenditures for ongoing maintenance, repairs, and potential system upgrades.
Potential for Deferred Maintenance: As an older investment property, there is an increased likelihood of deferred maintenance or outdated infrastructure (e.g., plumbing, electrical) that could require substantial investment to modernize.
Lower-Rated High School: The local high school (Cabrillo High School) has a rating of 3, which could be a consideration for some residential tenants with school-aged children, potentially affecting residential demand.