Sold

497 Saint Louis Avenue

Long Beach CA, 90814

$9,400,000


$398.46 per sqft

Sold

23,591 sqft

Condo

Built in 1987

Listed by Tyler Leeson with Marcus & Millichap RE Invest 949-419-3200

Saint Louis Apartments is a 30-unit value-add multifamily investment opportunity located in Long Beach, CA. Saint Louis Apartments offers a desirable mix of spacious one, two, and three-bedroom units featuring amenities including private patios and balconies, vinyl and carpet flooring, ceiling fans, and more. Built in 1987, the property features an attractive community amenities package including a subterranean parking garage offering 45 secured parking spaces and 27 spacious storage units, gated pedestrian access, on-site laundry, and an on-site leasing office. Long Beach's continued strong rental metrics, including a 2022 vacancy rate of just 3.4 percent and year-over-year rent growth of 10.6 percent, provide a new owner with the opportunity to take advantage of the substantial demand for rental units in the area through unit interior renovations. With current rents below market rates, Saint Louis Apartments represents an attractive value-add opportunity for a new owner.

OC23034059

MLS ID

February 28, 2023

Listed

March 23, 2024

Updated

Map

497 Saint Louis Avenue
Long Beach CA, 90814

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.48 Acres


Lot Features

Street Level


Sewer

Public Sewer

Other Property Details

Area Name

699 - Not Defined


Days on Market

16


Garage

Yes


Garage Spaces

45


Parking

Underground


Parking Total

45


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LBR1N


Buyer Agency Compensation

1.75%

Listing History

Date

Event

Price

5/18/2023

Sold

$9,400,000

Listing Contact: 949-419-3200 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. 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 3/23/2024 at 1:31 AM UTC

 

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