Executive Summary 117 E 8thStreet Long Beach, CA 92083 Asking Price: Address: APNs: Property Type: Building Size: Tenants: Land Area: # of Stories: Parking: Year Built: Ceiling Height: Zoning: $4,995,000 $5,300,000 (Bank Owned) 117 E 8th Street Long Beach, CA 90813 7273-016-009, 010 and 021 Previously a 61-unit assisted living facility (potential ground floor retail) Approx. 53,952 SF 2 retail tenants on the ground floor (see property information for leases) Approx. 0.53 Acres 9 (8 above grade, 1 below) 45 spaces. Shared parking (approx. 15,747 SF lot behind building) with the adjacent parcel also available for sale (Click here to view marketing brochure) 1929 (Renovated in 2003) 8 - 9 feet R-4-N (Medium-Density Multiple Residential): The R-4-N district is a high density, multi-family residential district. It is intended to meet the demand of a broad segment of the population which provides a diversity of housing choices. This implements land use district No.4 of the general plan. 3 (1 inoperable) o o o o Previous Project’s Features: o o o o o Spectacular panoramic city-lights and ocean views from the rooftop patio Located near mass transit lines for both buses and rail Central to shopping, entertainment and 3 major airports Valued below replacement cost Efficiency kitchens with refrigerator, freezer and microwave (full kitchen in basement) Apartments wired for cable TV and phone All rooms designed for ease-of-use and accessibility Social lounge and TV room on every floor Private bathrooms
Elevators: Investment Highlights:
SUBJECT DESCRIPTION The subject was an assisted living and Alzheimer’s facility offering private and semi-private units. The subject is 100% private pay. It contains 61 rentable units in an 8 story building. There is also a basement area and an accessible rooftop patio. The basement contained a commercial kitchen, activity room, multi-purpose room with library, exercise area and residential kitchen, and beauty shop. The first floor contained the entry lobby, administrative offices, medication room/care station, service kitchen and dining room. There was also a retail establishment on the first floor, but it could only be accessed from the exterior of the building. The 2nd – 8th floors contained the residential units. There was also a television lounge on each of the floors. The lounges on the 2nd and 3rd floors had been expanded to include a small dining area. In addition, there was a small medical office on each of the even-numbered floors. The subject is built on a concrete slab foundation. The walls are framed with concrete. The exterior of the building is concrete. The roof is flat and is covered with concrete. All units had kitchenettes. Each unit had an individually controlled heating and air conditioning through the wall unit. There is one bathroom per unit. There are two elevators providing access to the upper floors along with stairwells. Only one of the elevators goes to the basement and roof areas though. There is also a service elevator. One of the elevators is inoperable. The entire building has a fire sprinkler system. Interior floors are finished with carpeting and tile, although the lobby has granite flooring. Walls are painted or covered with wallpaper. Ceilings are painted sheetrock and acoustic tiles. UNIT/BED MIX AND BUILDING AREAS The following table is a tabulation of the unit/bed mix and building area.
The subject is licensed for 117 beds *The square footage is not guaranteed and is subject to buyer’s review and approval by architects and engineers.
Common Area Finish and Mechanicals – Elevators: Three (One inoperable) – One with 4,500 lbs capacity that goes to all floors as well basement and rooftop, one with 2,000 lbs capacity that goes to residential floors and one service elevator.
Safety and Health Care – Fire Protection: Smoke Protectors: Lighting: Call Systems: Care Stations: Security: Fire sprinkler systems with alarms Hard-wired, ceiling-mounted smoke detectors in corridors and offices Battery-powered, wall mounted emergency lighting Centrally monitored resident call system with pull chains in each unit 1 main care station with care office located on the even-numbered floors Exterior door locks, intercom system, etc.
Alzheimer’s Security: The entire facility is “secure” to prevent residents with Alzheimer’s or related dementia from wandering outside of the building and designated exterior walking areas. Elevators can only be accessed with keys. Other Improvements – Paving/ Parking: Asphalt paved drives and an open asphalt paved parking lot with concrete curb having a capacity for 49 spaces including 2 handicap spaces. The parking lot is shared with the adjacent apartment building. There is also metered parking on E 8th Street and Pine Avenue.
Construction Detail – Foundation: Basic Construction: Concrete: Concrete footings under exterior walls, interior partitions and columns Class C- Concrete Concrete