REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.

In-PersonVirtual Tour

The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$2,395,000

Est. payment - /mo

7,379 Sqft Lot

Save

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

Located in one of the most sought-after, supply-constrained submarkets in Southern California, 1720 Petaluma Ave sits in East Long Beach just 0.5 miles from the CSULB campus. No new apartment buildings have been built in the 90815 zip code since 1989, which makes this rare, like-new offering stand out. The property is a purpose-built student housing asset with two spacious, turnkey detached homes on an expansive lot: a fully rebuilt and expanded front house and a brand-new rear home. It's a great fit for either a cash-flowing investment or an owner user. The front house was taken down to the studs and expanded with new construction into a 7 bed / 7 bath open floor plan home. The rear house is a 100% new construction 4 bed / 4 bath home with expansive 15 ft ceilings and lots of natural light. Both homes feature luxury vinyl plank floors, new high-end finishes and appliances, and a private ensuite bathroom for every bedroom. Each home has its own washer and dryer and private patio, and tenants share a large backyard with a lounge area and spa.

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

Read Less Info

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Shane Young Younglewin Advisors, Inc. 562-556-1118, DRE #01963090

NEARBY SCHOOL & BUSINESS

MORTGAGE CALCULATOR

Use our home loan calculator to estimate your total mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.

Payment

Schedule

Your mortgage payments over 30 years will add up to $0.

Get more info from a local expert!

Serving Southern California

Customized quick search tools to explore nearby zip codes, cities, and neighborhoods in your favorite destinations

There are 30 quick searches

Serving Arizona

Custom Quick Search Tools To Explore Nearby Zip Codes, Cities & Neighborhoods In Your Preferred Destinations

1720 Petaluma Ave Long Beach, CA 90815