Marcus and Millichap REIS is pleased to present the sale of 832 E 5th Street, Long Beach CA, an approximately 12,400 sq. ft. of land area located at the southwest intersection of E 5th St and Alamitos Avenue. The offering is a fully entitled development opportunity for a 100% Affordable Micro-Unit Multi-Family Residential project located in Anaheim Beach District adjacent to Downtown Long Beach, CA.
The proposed 6-story all-electrical project includes 74 Micro-Units and 1 Manager’s Unit with a total buildable area of approximately 40,312 sq. ft. The sizes will range from approximately 313 – 364 sq. ft.
The ground level will provide a total of 12 parking spaces, including 2 ADA and 4 Compact stalls, as well as the potential for up to 30 (4’x6’) bicycle spaces. All parking spaces will have an electrical power supply for charging purposes. Additionally, 448 sq. ft. will be dedicated for 16 (4’x7’) storage units.
Each unit will be equipped with a basic kitchen and bathroom, as well as a washer and dryer and individually controlled air conditioning. Most units will have small private balconies, and a communal space will be provided on each floor. Finally, the Roof level will include approximately 2,600 sq. ft. of common area space.
The City of Long Beach’s Community Development Department and its Site Plan Review Committee (SPRC) recently provided conditional entitlements for the proposed 100% Affordable Micro-Unit project with 11% of the housing dedicated to Very Low Income and 89% for Moderate Income.
The Seller’s final submittal for Site Plan Approval, the conditions of approval and the Notice of Final Action can be provided upon request. Buyers must conduct their own investigation regarding the accuracy of the information provided in this Offering Memorandum.
The property located in the Anaheim Beach District adjacent Downtown Long Beach Business District which provides unique destinations, both historic and new, that attract over 23.9 million total visits in 2023. One of the city’s most revered attractions, The Queen Mary, arrived in Long Beach in 1967 and has since impressed visitors with its art
deco interiors and glimpses into a bygone era. The Aquarium of the Pacific, on the other hand, provides an intimate look into the future of marine biology and sustainability. Hotels, restaurants, and other tourist-oriented venues including Shoreline Village, The Pike and Rainbow Harbor Waterfront surround the juggernaut that is the Long Beach
Convention and Entertainment Center contains that brings in a staggering 1.6 million visitors per year in 2023-2024 with its year-round conventions and events and nearly $2.0 Billion in Economic Impact.
Downtown Long Beach has 38 major projects totaling approximately 6,500 new housing units. It is an urban waterfront community covering approximately 1.28 square miles and a population of approximately 31,000.
Kevin King
King Group of Marcus & Millichap
