711 Pine Avenue

Highlights:

• Seller is Open to a Joint Venture Agreement, LP, and OZ Investors
• Fully Entitled 49 Unit Redevelopment Opportunity
• Opportunity for In-Place Income from Retail Space to Offset Holding Costs Through RTI Permits
• Located in the Path of Progress on Pine Ave with Numerous Amenities and a 97 Walk Score
• Located in an Opportunity Zone with a Qualified Opportunity Zone Fund Active for the Project
• Grade-Level Parking to Avoid High Cost Subterranean Parking

Description:

YoungLewin is proud to present a fully entitled, 49-unit redevelopment opportunity located on Pine Avenue, available for purchase, or joint venture.

Perfectly positioned in the path of progress, this urban infill residential development offers significant potential for growth while providing the option for in-place income from potential retail tenants to offset holding costs during the redevelopment process.

This property is a walker’s paradise with a 97 Walk Score and is located in a Qualified Opportunity Zone (QOZ), with an active QOZ fund already engaged in the project—offering investors the benefits of this strategic tax incentive.

The proposed development consists of 7 stories with 5-stories Type III construction over 2 stories of Type I. Lower level units range from 430 - 467 square feet and the top story mezzanine units range from 604 - 628 square feet. Property amenities for tenants include a modern lobby/lounge, coworking space, community rooms, a rooftop deck, and exclusive two-level mezzanine units.

The site is transit-oriented and highly walkable, providing convenience for residents with grade-level parking that includes 8 surface spaces and 50 bicycle parking spots. Ownership is open to joint venture opportunities, making this an attractive option for investors looking to capitalize on a high-growth area with a competitive return on cost potential.

Downtown Long Beach is a highly sought after and walkable area, featuring the dining and entertainment amenities of Pine Avenue in addition to attractions like the Aquarium and Convention Center. There is a high demand for housing in Downtown Long Beach
but the current supply is out dated and lacking amenities.