1115 E Artesia Boulevard

Description

The subject property is a newly constructed 5-unit townhouse style apartment building located at 1115 E. Artesia Blvd. in the city of Long Beach. Scheduled for completion in late mid-October of 2023, this property is composed of three separate three-story structures with approximately 7,895 square feet of rentable space sitting on a parcel of approximately 6,208 square feet.The units at this property are significantly larger than other for-rent units typically found in the Long Beach market and are perfectly positioned for multi-generational families and work-from-home roommate environments. Three of the units are large 5-bedroom, 3.75 bath three-story townhome units of approximately 1,750 square feet with attached two-car garages. One of the units is a 4-bedroom, 3-bath three-story townhome unit of approximately 1,421 square feet and the fifth unit is an affordable housing unit and is a 3-bedroom, 2-bath live/work unit of approximately 1,252 square feet. For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Long Beach market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need.In terms of amenities, all units have central heating and air conditioning and all units have private balconies, an open kitchen layout with a large kitchen island, and a full laundry room on the third floor of each unit including washers and dryers. The first-floor bedroom and bathroom of each unit is also ADA compliant.This property fronts Artesia Blvd.. which is a busy east/west arterial through north Long Beach. The City of Long Beach is investing $36.2 million in the Great Boulevard project which will improve the stretch of Artesia Blvd. that runs right in front of the subject property. The Great Boulevard project will add protected bike lanes, new landscaping, medians, and new streetlight bulb-outs that will make crossing the street shorter and potentially safer for pedestrians.This property offers a rare opportunity for an investor to purchase a newly constructed 5-unit apartment building in a desirable rental market that will benefit from a unique unit mix that is not commonly found in this market.