$1,600,000

Value add mixed use property for sale in Long Beach along with separately parceled parking lot in rear on apartments. Total land size of 15,431 SF between both lots. Long terms owners and tenants with two retail units, 7 apartments units, and an excess of parking on Long Beach Blvd. A new owner has the opportunity to convert the two retail units out front into ADU's as well as build additional housing in the separate parking lot in the rear of the property. Owner only pays water and property taxes, separately metered for gas and electric. 1757 Long Beach Blvd, Long Beach, CA 90813, falls within the Midtown Specific Plan (SP-1) zoning area. This zoning allows for a variety of mixed- use developments, focusing on pedestrian-friendly commercial and residential project. With 4 stories and a Floor Area Ratio (FAR) of 2.0 (assumed based on typical mixed-use zoning), the total buildable area is 17,482 square feet. This can be spread across four stories, giving you 4,370.5 square feet per story (17,482 sq ft / 4 stories). You can build structures that combine retail spaces, offices, or residential units, such as apartments or condominiums, in mid- to high-density formats. A new owner could build up to 32 units of 500 square feet each under an FAR of 2.0 in a height of 4 stories or you could fit around 20 units (5 units/story * 4 stories) if each unit is 800 square feet. The subject property is located just outside the $6 Billion of development flooding into Downtown Long Beach, including the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific and Queen Mary Island.