Listed by Jonathan Swire, The Agency,

335 Pacific Avenue

Long Beach, CA, 90802

$7,495,000

$770 per ft²
$7,495,000
$770 per ft²
Active
Active
 - For Sale
baths
35 Baths
carpenters-square
9,726 ft²
property_type
Multi-family
calendar
Built 1929
35 unit hotel known as the Dolly Varden located in downtown Long Beach. 3 lots totaling 15,000 SF total. The property is currently operated as short term rentals of 30 days or more. The parking lot next door is included and is currently striped for 42 parking spaces. Spaces are rented to tenants for $75/month and non-tenants for $150/month.9 of 35 units have been upgraded with new laminate flooring, paint, new fridge, microwave and mattress. All interior hallways have new laminate flooring as well, and stairs have been updated with new carpet. The building is very well maintained and very clean. Tenants sign leases of 1+ month, with some having been at the building for 1 year or longer. The onsite laundry room was upgraded with new paint, flooring and machines (a new lease with WASH was just put into place). Seller has spent approximately $100K on these improvements. Rooms average 175 SF in size. Seller has permit approval with the City to convert the property's zoning from a Hotel to Multi Family by installing kitchenettes in each unit. Seller's GC has estimated the cost to this will be around $19K/unit - this includes new laminate flooring as well. Additionally, there is about $230K in permit fees to the City to be paid if you pursue this route. (Seller has spent approximately $30K on Architect/MEP fees to gain approval). The property is master metered for all utilities and tenants currently pay rent as well as $50/month for RUBS (utility reimbursement). The Seller has engaged Studio 111 to submit plans to the City to demolish the existing structure and replace it with a 141 unit property with 63K SF or rentable space and 86 parking spaces. This process is in the early stages of submission and Seller has spent approximately $50K to date with Studio 111. Directly across the street Holland Partners (who built the Volta around the corner on Pine & 7th) is finishing up entitlements on a 271 unit MF property and construction should begin in early 2023. It will replace the existing surface level parking lot. This is an excellent opportunity to purchase a well located asset in Down Town Long Beach that will cash flow while you finish entitling it to build new units. Alternatively, you could continue to operate it as short term rentals or do the rehab work that has been approved with the City and install kitchenettes. EMAIL LA FOR MORE INFO.
MLS® ID:
22209453
Listed:
10/13/22
Updated:
12/3/22

Interior Features

Total Bedrooms
0
Total Bathrooms
35
Heating
Wall Furnace

Exterior/Building Features

Lot Size
0.34 acres lot

Other Property Details

Area Name
4 - Downtown Area, Alamitos Beach
Garage
No
Parking
Detached Carport
Parking Total
42.0
View
N
County
Los Angeles
Pool
No
Total Stories
3
Zoning
LBPD30

Courtesy of The Agency, Jonathan Swire,
Listing Contact:  

Based on information from California Regional Multiple Listing Service, Inc. as of 12/3/22. 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, 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.

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Data last updated 6:01 AM UTC, 12/3/22

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