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Listed by Jeffrey DeLancy of Livel Real Estate
Rare Multifaceted High-Revenue Mixed-Use Property with Vast Upside Potential in Long Beach! Dive into this diversified investment, a mixed-use property yielding strong revenue with upside potential and preliminary redevelopment concept plans. Nestled in an evolving Long Beach neighborhood, this compelling asset covers two lots with separate APN's, merging lucrative commercial operations with updated residential spaces for a dynamic revenue stream. The front building features two retail store fronts on the ground level, and upstairs a three bedroom apartment features dual primary sized rooms with a common bathroom. The rear duplex qualifies as a multi-family residential duplex. Upstairs at the rear you'll find a two-bedroom apartment (converted) with great balcony space and tons of daylight. Downstairs rear is a large one bedroom apartment. Each residential unit has its own new laundry in-unit and there's a long driveway with off-street parking at the back. The two separate APN's of this purchase opportunity could allow for conventional financing of the rear duplex, increasing attainability for newer or first time investors. The allure of this property extends beyond its current income generating capabilities to a future filled with promise, highlighted by the preliminary sketches for the development of 20 micro-apartment as an option for future development. Envision the rent roll on a prospective 20 micro-units building! Recent improvements and new construction are reshaping the neighborhood, not to mention the cities investment of over $750MM on infrastructure via the "Elevate '28" plan. These two buildings collectively known as 219 E 10th Street stand out as a stellar choice for investors aiming for a combination of steady diversified income and the opportunity for expansive growth and appreciation. The strategic benefits of owning a desirable mixed-use building with upside potential, redevelopment potential, and situated on two APN's make this a rare gem. Updated units, off-street parking, a prime location, and a manageable 5 door roster underscore the ease of stepping into this investment for new investors and seasoned professionals alike. With the owner open to exploring offers as they venture into new opportunities via a 1031exchange (will require the buyer's cooperation), this scenario presents a rare window to invest a forward-thinking, multifaceted investment perfect for those poised to leverage the city's bright prospects and sights on the long term. APN #7273-007-037 and APN #7273-007-035. Subject to Long Beach / CA rent control law. All remarks made in good faith, however cannot be guaranteed by listing agent / broker.

Property Details of 219 E 10th Street

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Based on information submitted to CRMLS as of May 24, 2024 5:53 AM EDT . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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