937 Pine Ave, Long Beach, CA 90813
0.52 Acres of Industrial Land Offered at $7,200,000 USD in Long Beach, CA 90813
For Sale
Active
12 pictures
Asking Price $7,200,000
- Property Type
-
Land, Industrial
- Square Feet
- 22,651 SF
Listing Contacts
Adam Peterson
Andrew Long
Property Overview
CBRE Inc., as exclusive advisor to the Seller, is proud to present 937-947 Pine Ave. in prime Long Beach. Available for sale or joint venture, the offering consists of a forthcoming entitlement for a 140-unit multifamily project on ±.516 acres of land situated on the corner of Pine Ave. and 10th St.
Located just north of Downtown Long Beach and around the corner from the Pacific Ave. Blue Line light rail, the three-parcel site is subject to attractive high density zoning ideal for multifamily development. 937-947 Pine Ave. offers an incredible, walkable amenity base and transit connectivity. Ownership is in the process of obtaining an entitlement for a 140-unit, woodframe over concrete podium, 8-story, at-grade apartment project with 15 restricted affordable units and approximately 2000 square feet of ground floor retail/amenity space.
In mid-2024, ownership anticipates the Long Beach Community Development Planning Bureau’s issuance of an entitlement approving an 8-story, ±99,227 square-foot mixed-use multifamily project of 140 residential units and ±2,073 square feet of ground floor commercial/retail with 80 parking spaces--all above grade. Construction consists of two levels of concrete podium parking with 6 levels of Type I/III residential, a 3rd floor courtyard atop the parking deck and rooftop patio. The project’s corner location will offer unobstructed views and best-in-class walkability and transit access. The determination is further expected to approve the demolition of the existing ±19,000 square-foot office/industrial building.
New construction apartments in Downtown Long Beach and the surrounding area achieve rents surpassing $4 per square foot, well above the submarket and County averages. As part of a state-mandated housing planning process to relieve the current housing shortage, the city of Long Beach is tasked with adding over 26,000 new homes to its housing stock by 2029. Housing permits have decreased significantly since over 1000 units were permitted in 2021 suggesting a lack of new supply once 937-947 Pine is expected to deliver.
Please visit the Property Website to access the Virtual Deal Room.
Located just north of Downtown Long Beach and around the corner from the Pacific Ave. Blue Line light rail, the three-parcel site is subject to attractive high density zoning ideal for multifamily development. 937-947 Pine Ave. offers an incredible, walkable amenity base and transit connectivity. Ownership is in the process of obtaining an entitlement for a 140-unit, woodframe over concrete podium, 8-story, at-grade apartment project with 15 restricted affordable units and approximately 2000 square feet of ground floor retail/amenity space.
In mid-2024, ownership anticipates the Long Beach Community Development Planning Bureau’s issuance of an entitlement approving an 8-story, ±99,227 square-foot mixed-use multifamily project of 140 residential units and ±2,073 square feet of ground floor commercial/retail with 80 parking spaces--all above grade. Construction consists of two levels of concrete podium parking with 6 levels of Type I/III residential, a 3rd floor courtyard atop the parking deck and rooftop patio. The project’s corner location will offer unobstructed views and best-in-class walkability and transit access. The determination is further expected to approve the demolition of the existing ±19,000 square-foot office/industrial building.
New construction apartments in Downtown Long Beach and the surrounding area achieve rents surpassing $4 per square foot, well above the submarket and County averages. As part of a state-mandated housing planning process to relieve the current housing shortage, the city of Long Beach is tasked with adding over 26,000 new homes to its housing stock by 2029. Housing permits have decreased significantly since over 1000 units were permitted in 2021 suggesting a lack of new supply once 937-947 Pine is expected to deliver.
Please visit the Property Website to access the Virtual Deal Room.
Highlights
- Entitled 140-Unit Multifamily Project with Ground Floor Retail
- 100% Above-Grade Construction
- On Historic Pine Ave. and Around the Corner from the Pacific Ave. Blue Line Light Rail
All available spaces
- Space
- Lot 1
- Size
- 22,651 SF
- Price
- $7,200,000
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