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 known for its unique blend of suburban tranquility and urban convenience, making it an ideal place to call home. Los Altos boasts tree-lined streets, well-maintained parks, and a diverse array of local shops and eateries, creating a warm and welcoming atmosphere for residents.

One of the standout features of Los Altos is its diverse housing options, particularly the abundance of homes with an apartment subtype. These properties cater to a wide range of lifestyles, whether you’re a first-time homebuyer looking for a cozy space or an investor seeking rental opportunities. Many of these homes offer spacious layouts, modern amenities, and the potential for multi-generational living, making them a perfect fit for families of all sizes.

In addition to its appealing real estate, Los Altos is conveniently located near major freeways, providing easy access to the greater Los Angeles area. Residents can enjoy a variety of recreational activities, including nearby golf courses and the stunning beaches of Long Beach, just a short drive away. The community is also served by excellent schools, making it a fantastic choice for families looking to provide their children with a quality education.

Explore the charm of Los Altos and discover the perfect home that suits your lifestyle in this thriving Long Beach neighborhood. With its unique blend of residential options and community spirit, you’ll find that Los Altos is not just a place to live, but a place to truly thrive.

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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