Los Altos, X-100 (34) Homes with Apartment Subtype

Welcome to the vibrant community of Los Altos, nestled in the heart of Long Beach, California! This charming neighborhood is a delightful blend of suburban tranquility and urban convenience, making it an ideal place for families, young professionals, and retirees alike. Known for its tree-lined streets and welcoming atmosphere, Los Altos offers a unique lifestyle that captures the essence of Southern California living.

Los Altos boasts a diverse array of homes, including a selection of apartments that cater to various needs and preferences. Whether you’re seeking a cozy one-bedroom apartment or a spacious multi-bedroom unit, the options here are designed to suit your lifestyle. Many of these homes come equipped with modern amenities and are situated in well-maintained complexes, providing residents with comfort and convenience.

The neighborhood is also rich in community spirit, with local parks, schools, and shopping centers just a stone's throw away. Enjoy leisurely strolls in nearby parks, where children can play and neighbors can connect. The vibrant Long Beach community is just minutes away, offering a plethora of dining, entertainment, and cultural experiences.

Residents of Los Altos appreciate the balance of peaceful living and easy access to the bustling city life. With its ideal location in Los Angeles County, you can enjoy the best of both worlds—serene suburban living with the excitement of city amenities at your doorstep. Discover your dream apartment in Los Altos today and experience the charm of this wonderful community!

Newest Los Altos, X-100 (34) Homes with Apartment Subtype

$2,395,000

PW26197030 MLS ⋅ Active Status

Located in one of the most sought-after, supply-constrained submarkets in Southern California, 1720 Petaluma Ave sits in East Long Beach just 0.5 miles from the CSULB campus. No new apartment buildings have been built in the 90815 zip code since 1989, which makes this rare, like-new offering stand out. The property is a purpose-built student housing asset with two spacious, turnkey detached homes on an expansive lot: a fully rebuilt and expanded front house and a brand-new rear home. It's a great fit for either a cash-flowing investment or an owner user. The front house was taken down to the studs and expanded with new construction into a 7 bed / 7 bath open floor plan home. The rear house is a 100% new construction 4 bed / 4 bath home with expansive 15 ft ceilings and lots of natural light. Both homes feature luxury vinyl plank floors, new high-end finishes and appliances, and a private ensuite bathroom for every bedroom. Each home has its own washer and dryer and private patio, and tenants share a large backyard with a lounge area and spa. The property is currently operated as CSULB student housing, with 11 rooms averaging $1,383/mo each for $15,215/mo, or $182,580 in gross annual income. Tenants pay all utilities, and parents co-sign every lease to guarantee rent. With an NOI of $132,681, 1720 Petaluma is attractively priced at a 5.54% cap rate, with another 13% of NOI upside and excellent loan terms available. That is the highest cap rate, lowest GRM, and lowest price per bedroom of any comparable CSULB-area sale in the past two years, about 28% below the median price per bedroom. Rooms rent for about 14% below comparable properties and for roughly the cost of an on-campus dorm, with a private ensuite bath instead of a shared hall. Owners can add further value by converting the garage or building a second detached ADU under California's new AB 956. CSULB has 40,000 students but housing for only 9% of them, and the property has been 100% pre-leased since 2022 with steady rent growth year over year. Professionally managed for easy ownership, this opportunity offers a strong and steady renter base, a hedge against California rent control, continued rent growth, and long-term appreciation in the A+ East Long Beach submarket.

1720 Petaluma Ave, Long Beach

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