Please read description carefully. What we have here are a package of two condos, that were merged on title decades ago as a single APN. There is a process through the city of Long Beach that an owner can go through the process of splitting them back to two separate APN’s, and make the two units legally separate again. At this time, as we reduce the asking price from $740K for the entire package to a single buyer, to modifying the offering to seeking two separate buyers that will buy the property together as Tenants In Common. (TIC) It is possible to do this using traditional financing, and my lender states that he can do this. The way it would work would be, one buyer would be paying $350K for the rights to unit# 507, which is a 777 sq.ft 1 bedroom, and the partnering buyer would pay $385K for unit #508, which is 951 sq.ft, 2 bedroom/or 1 bedroom + den. The location within the building is excellent, with beautiful views of the vibrant downtown area. You’re smack dab in the middle of all the action in a building with great character and style. Due to the fact that you’re buying as TIC, which is not an ideal scenario, and it will take time, effort, and some money to go through conversion process, the sales price reflects this, as the last sale of the 777 sq.ft floor plan was $400K, and the larger corner units rarely come up for sale. It would likely fetch in the $450K range in today’s market as an estimate. Please contact agent with questions.
360 W Ocean Boulevard 507
Mar 9, 2020
Square Ft (approx):
7,371 sqft / 0.17 acres (approx)
Biking, Curbs, Watersports, Street Lights, Urban
Electricity – Unknown
Over 40 Units/ Acre
Card/ Code Access, Resident Manager
City Lights, Neighborhood
Electricity Connected, Sewer Connected, Water Connected
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360 W Ocean Boulevard 507
Long Beach, CA