Not Defined (699) Homes with Mixed Use Subtype

Not Defined (699) Homes with Mixed Use Subtype

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Newest Not Defined (699) Homes with Mixed Use Subtype

601 Pine Avenue, Long Beach
$3,995,000
PW26228166 MLS ⋅ Active Status
601 Pine Avenue presents a rare value-add opportunity to acquire a substantial historic commercial property in the heart of Downtown Long Beach at an exceptionally low basis of $3,995,000, or approximately $95 per SF. The property consists of an approximately 42,321 SF freestanding commercial building situated on approximately 17,502 SF of land and was formerly occupied by Rite Aid. The building offers a flexible multi-level layout suitable for retail, storage, showroom, fitness, office, creative, or other commercial uses, subject to applicable approvals, and presents multiple potential strategies for an owner-user, investor, or developer. Rite Aid historically utilized the property as a multi-level retail department store, with retail operations extending throughout multiple levels of the building. More recently, the ground floor was used for active retail sales, while the basement, mezzanine, second floor, and third floor were used primarily for inventory storage and support uses. The approximately 2,236 SF mezzanine is believed not to be included in the stated approximately 42,321 SF building area, and the rooftop may offer additional amenity potential, subject to approvals. The building is currently vacant, allowing a purchaser to occupy all or a portion of the property, lease it to a single user, or reposition it for multiple tenants. Based on current preliminary assumptions, the existing building could potentially be stabilized as retail/storage at an estimated ~12.5% cap rate, creating a rare value-add opportunity at the current basis. The property includes approximately 10 parking spaces on the same parcel, while the neighboring 127 W 6th Street lot, separately offered for sale, currently provides approximately 21 additional parking spaces, including an ADA space, with potential to restripe for up to approximately 26 spaces, subject to final layout and approvals. Additional City public parking is located essentially across the street at 50 E 6th Street, providing more than 1,000 additional public parking spaces for customers, tenants, employees, and visitors.

601 Pine Avenue, Long Beach

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Based on information from California Regional Multiple Listing Service, Inc. as of . 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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