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1720 Petaluma Ave Long Beach, CA 90815
7,379 Sqft Lot
UPDATED:
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision X-100S (X1)
MLS Listing ID PW26197030
Construction Status Turnkey
HOA Y/N No
Year Built 2022
Lot Size 7,379 Sqft
Property Sub-Type Apartment
Property Description
The property is currently operated as CSULB student housing, with 11 rooms averaging $1,383/mo each for $15,215/mo, or $182,580 in gross annual income. Tenants pay all utilities, and parents co-sign every lease to guarantee rent. With an NOI of $132,681, 1720 Petaluma is attractively priced at a 5.54% cap rate, with another 13% of NOI upside and excellent loan terms available. That is the highest cap rate, lowest GRM, and lowest price per bedroom of any comparable CSULB-area sale in the past two years, about 28% below the median price per bedroom. Rooms rent for about 14% below comparable properties and for roughly the cost of an on-campus dorm, with a private ensuite bath instead of a shared hall. Owners can add further value by converting the garage or building a second detached ADU under California's new AB 956. CSULB has 40,000 students but housing for only 9% of them, and the property has been 100% pre-leased since 2022 with steady rent growth year over year. Professionally managed for easy ownership, this opportunity offers a strong and steady renter base, a hedge against California rent control, continued rent growth, and long-term appreciation in the A+ East Long Beach submarket.
Location
State CA
County Los Angeles
Area 34 - Los Altos, X-100
Interior
Interior Features High Ceilings, Quartz Counters, Recessed Lighting
Heating Ductless
Cooling Ductless
Fireplaces Type None
Fireplace No
Appliance Dryer, Washer
Laundry Inside
Exterior
Parking Features Garage, Shared Driveway, On Street
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Gutter(s), Park, Storm Drain(s), Street Lights, Suburban, Sidewalks, Water Sports
Total Parking Spaces 3
Private Pool No
Building
Lot Description Back Yard, Front Yard, Lawn, Yard
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction Yes
Construction Status Turnkey
Others
Senior Community No
Tax ID 7239001027
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Nearby Locations