• 5 beds
  • 1.50 baths
  • 1,850 sq.ft.
  • 4,896 sq.ft. lot
offered at $699,900
Status: Active // Property Type: Commercial/Residential
Project/Tract: Willmore District (WM) // County: Los Angeles // Year Built: 1910

Property Description

PROPERTY IN NMTC ZONE (NEW MARKETS TAX CREDIT ZONE). **INVESTORS** DEFER TAXES ON CAPITAL GAINS BY INVESTING IN A QUALIFYING ASSET. Multi-Family with 20% Commercial Use helps reduce the tax basis of your investment up to 7 years and potentially can improve the Parking Ratio to less than 1 space per unit. Do not miss this opportunity to acquire the perfect CORNER LOT featuring ZERO SETBACKS and the ability to build a MUTLI-STORY, MULTI-FAMILY OR COMMERCIAL/OFFICE USE BUILDING UP TO 150 FT IN HEIGHT. This area is adjacent to Pine St. and has a number of EXCELLENT CONSUMER MEDICAL AND RETAIL ANCHORS in the immediate area. HEAVY CONSUMER DEMAND IN THIS AREA FOR HOUSING makes this the perfect lot to develop. LOT IS ZONED PD30 and is close walking distance to the Blue Line and Downtown Long Beach. Current property on the lot is a single family residence featuring 5 bedrooms and a loft space WITH AN ENORMOUS AREA FOR PARKING - 8 SPACES POSSIBLE. Owners originally purchased to develop themselves and had received preliminary approvals for developing the lot. This property also has excellent Income Producing Potential. Call today for a free Investment Profile including the City of Long Beach Planned Development Criteria for the area.

Listing Courtesy of Serena Goss, HomeSmart, Evergreen Realty

Exterior Features

Exterior Features: Urban
  • raj qsar
    CEO | Owner |
    CalBRE# 01744847
    • cell 714.412.5019
    • office 949.612.2535
    email Raj

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Based on information from California Regional Multiple Listing Service, Inc. as of March 25, 2019. 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.