127 West 6th Street
- Additional ±7,472 SF Parking Lot with 21 On-Site Parking Spaces, Including 1 ADA Space — potential to restripe to ±26 spaces
- Former Parking for employees and customers for Rite Aid that was previously located at 601 Pine Avenue
- Development Opportunity: 127 6th Street –Located in high Density zone and has a potential to develop ± 100 residential units (Unlimited Density)
- Conceptual plans for a more efficient 45-unit design with 2 levels of concrete and 5 levels of woodframing over ground to minimize construction cost (No subterranean)
- Prominent Downtown Long Beach Location just steps away from the ocean and sand
Property Description
127 W 6th Street presents a rare high-density mixed-use development opportunity in the heart of Downtown Long Beach. Located within the Downtown Plan (PD-30), the site benefits from unlimited residential density, with development capacity governed primarily by allowable FAR, building height, and applicable development standards rather than a conventional units-per-acre density cap. Based on information provided by the City, the approximately 7,500 SF site allows an 8.0 FAR, equating to up to approximately 60,000 SF of allowable floor area and supporting approximately 100 residential units per the City, subject to final design and applicable planning and building requirements. With qualifying development incentives, the allowable FAR may increase to 11.0, equating to up to approximately 82,500 SF of allowable floor area, providing additional development potential beyond the base zoning capacity. Conceptual plans have been prepared for a more practical and construction-efficient 45-unit mixed-use development consisting of 36 primary residential units plus 9 proposed ADUs, together with approximately 600 SF of double-height ground-floor retail/commercial space. The concept includes 5 affordable units, with an overall unit mix of 31 one-bedroom units and 14 studios. The proposed seven-story building utilizes an efficient podium-style construction concept with two levels of concrete/CMU construction and five levels of wood framing, with no basement or subterranean parking, helping simplify construction and control overall development costs. The approximately 37,583 SF gross building also includes a residential lobby, elevator, two stairways, bicycle storage, building service areas, two vehicle spaces, and private balconies/terraces, while offering a buyer the flexibility to pursue the existing 45-unit conceptual plan or explore a larger development program utilizing the site’s significant allowable FAR, height, and unlimited-density framework. This property can also be purchased with the neighboring 601 Pine Avenue, an approximately 42,321 SF former Rite Aid retail building offered separately at only $3,995,000, or under $95 per SF, which could be leased and stabilized as retail/storage at an estimated ~12.5% current stabilized cap rate, or potentially redeveloped through adaptive reuse into a 63-unit residential and retail mixed-use project with an estimated ~13.5% pro forma cap rate on total project cost, yielding approximately $8.5 million in projected developer profit and an estimated ~87% return on total project cost, after taking into account approximately $6.0 million in estimated construction costs.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Land/Development |
| Price: | $995,000 |
| Lot Size: | 0.17 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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