Sold

Closed

1600 N Stanton Place

Long Beach CA, 90804

$5,950,000


$274.37 per sqft

Sold

Closed

21,686 sqft

Condo

Built in 1964

Listed by Tyler Leeson with Marcus & Millichap RE Invest 949-419-3200

Waterstone Apartments is a 27-unit multifamily investment property located at 1600 North Stanton Place in Long Beach, California. Built in 1964, Waterstone Apartments offers a desirable mix of one and two-bedroom floor plans with amenities including gated access, private balconies (select units), and gated garage parking. Long Beach's strong rental metrics, including a 2022 vacancy rate of just 4.0 percent and year-over-year rent growth of 8.5 percent, are evidence of the substantial demand for rental units in the area. Currently, 8 units have received substantial improvements including shaker-style cabinetry, quartz countertops, vinyl flooring, stainless steel appliances and more. Through the continuation of this interior renovation plan, a new owner could potentially achieve a 12 percent increase in rental income. The property benefits from its location just south of Long Beach City College, Pacific Coast Campus, a major employer and housing driver for the city of Long Beach. Waterstone Apartments is situated in close proximity to Pacific Coast Highway and Cherry Avenue, two major thoroughfares that connect residents to Interstates 405 and 605. Additionally, residents enjoy access to Signal Hill's numerous parks and trails. The neighborhoods surrounding the property provide tenants convenient access to a wide variety of activities, employment, transportation, and retail amenities. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at Waterstone Apartments.

OC23207083

MLS ID

November 7, 2023

Listed

June 1, 2024

Updated

Map

1600 N Stanton Place
Long Beach CA, 90804

Interior Features

Total Stories

2


Laundry Description

None


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.49 Acres


Lot Features

Street Level


Sewer

Public Sewer

Other Property Details

Area Name

699 - Not Defined


Days on Market

134


Garage

Yes


Garage Spaces

23


Parking Total

23


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LBR2N


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

5/31/2024

Sold

$5,950,000

3/21/2024

Pending

3/11/2024

Price Change

$6,150,000

-6%

Listing Contact: 949-419-3200 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 6/1/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 6/1/2024 at 12:10 AM UTC

 

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