Active
937 Pine Avenue
Long Beach CA, 90813
$7,200,000
$320.00 per sqft
Active
0.52 Acres
Land
Listed by Adam Peterson with CB Richard Ellis, Inc.
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.
24373895
MLSⓇ ID
March 28, 2024
Listed
April 5, 2024
Updated
Map
937 Pine Avenue
Long Beach CA, 90813
Exterior/Building Features
Lot Size
0.52 Acres
Lot Features
Flat
Sewer
Other
Other Property Details
Area Name
4 - Downtown Area, Alamitos Beach
Days on Market
8
Garage
No
Parking Total
0
View
Yes
View Description
Bay, Bridge(s), City Lights, Coastline, Harbor
County
Los Angeles
Pool
No
Zoning
PD-30
Buyer Agency Compensation
2.5%
Listing Contact:
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 4/5/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 4/5/2024 at 1:41 PM UTC