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$ 1,799,000
Est. payment | /mo
7,512 Sqft Lot
$ 1,799,000
Est. payment | /mo
7,512 Sqft Lot
Key Details
Property Type Vacant Land
Sub Type Lots/Land
Listing Status Active
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID PW26190004
Lot Size 7,512 Sqft
Property Sub-Type Lots/Land
Property Description
317 Elm Avenue presents a rare opportunity to acquire a truly hands-off, income-producing asset in the heart of Downtown Long Beach. Located directly across the alley from a major United States Postal Service facility, the 7,512-square-foot parking lot is leased to the USPS for truck parking. Beginning February 1, 2027, the property will generate $9,895.83 per monthor $118,750 annuallyunder a new five-year lease. The USPS is responsible for all property maintenance, providing the owner with predictable income and minimal day-to-day management. Competitively priced at a 5.3% cap rate, the property offers investors an attractive combination of reliable income, exceptional credit tenancy and minimal operating responsibility. Notably, with no viable alternative parking for their vehicles in the area, the USPS operates as a captive tenanta dynamic that strengthens the likelihood of lease renewal and creates a compelling opportunity to negotiate extended terms beyond the initial five-year period if desired. Beyond its strong current cash flow, the property offers compelling long-term development potential. The parcel is located within Downtown Long Beachs PD-30 zoning district, positioning it for a variety of future development possibilities. The five-year lease runway gives an investor time to evaluate, design and pursue entitlements for a future project while continuing to collect substantial rental income.
Location
State CA
County Los Angeles
Direction on the corner of 3rd and Elm
Interior
Fireplace No
Exterior
Utilities Available Other/Remarks
View Y/N No
Others
Senior Community No
Tax ID 7281009009
Acceptable Financing Cash
Listing Terms Cash
Listed by Cody Charnell, DRE#01950585 Sage Real Estate Group, Inc.
NEARBY SCHOOL & BUSINESS
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