937 Pine Avenue

Long Beach, CA 90813

$7,200,000

Listed Price
N/A

bed Beds

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shower Baths

N/A sqft

straighten $320 / sqft

calendar_month Built

Property Description

140-Unit Development Site in Prime Long Beach, Entitled at COE. Available for sale or joint venture, the offering consists of a forthcoming entitlement for a140-unit multifamily project on .516 acres of land situated on the corner of Pine Ave. and 10th St. Located just north of Downtown Long Beach and around the corner from the Pacific Ave. Blue Line light rail, the three-parcel site is subject to attractive high density zoning ideal for multifamily development. 937-947 Pine Ave. offers an incredible, walkable amenity base and transit connectivity. Ownership is in the process of obtaining an entitlement for a140-unit, woodframe over concrete podium, 8-story, at-grade apartment project with 15 restricted affordable units and approximately 2000 square feet of ground floor retail/amenity space. New construction apartments in Downtown Long Beach and the surrounding area achieve rents surpassing $4 per square foot, well above the submarket and County averages. As part of a state-mandated housing planning process to relieve the current housing shortage, the city of Long Beach is tasked with adding over 26,000 new homes to its housing stock by 2029. Housing permits have decreased significantly since over 1000 units were permitted in 2021 suggesting a lack of new supply once 937-947 Pine is expected to deliver.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A

Listing Information

Address 937 Pine Avenue
City Long Beach
State CA
Zip 90813
County Los Angeles
Listing Agent Adam Peterson DRE#01815802
Courtesy Of CB Richard Ellis, Inc.
MLS 24373895
List Price $7,200,000
Status Active
Type Land
Structure Size N/A
Lot Size 22,500
DOM 11

Exterior Information

Maps

Listing information courtesy of: Adam Peterson, CB Richard Ellis, Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of Apr 5th, 2024 at 5:12 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.