Description

1000 East 10th Street is a freestanding 5,340 SF Apartment Building sitting on a 0.12 Acres lot. The property resides on the corner of 10th Street and Martin Luther King Jr. Blvd in the Long Beach Downtown Overlay Zone. The subject property consists of 7 two bed, 1 bath units which have been updated and converted into higher density dwelling units. Privacy walls and doors have been added to accommodate an additional bedroom in each unit. Each bedroom is move-in ready. The units are effectively leased per bedroom for a total of 21 bedrooms. Upon purchasing the property in 2020, the owners have worked diligently to improve and renovate the units resulting in an upgrade of tenant profile. Owners have formed authentic relationships with local government, law enforcement, and various low-income programs such as the General Relief Housing Subsidy and Case Management Program (GRHSCMP) in order to maintain a reliable resource for tenants. The GRHSCMP can provide participants with a fixed rental subsidy for individuals and couples. Additionally, it also provides a once-in-a-lifetime move-in assitance payment of up to $500 for move-in costs. The property is located in close proximity to the Metro Blue Line train station (0.8 miles) and various bus routes providing excellent public transport. Finally, the property is located in an Opportunity Zone allowing for potential developments and substantial tax benefits for new buyers. Development in this area would coincide with the Long Beach Downtown plan as well as the Opportunity Zone social impact principles.

Features

• 0.12 Acres
• 2 Stories