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

Welcome to Los Altos, a charming neighborhood nestled within the vibrant city of Long Beach, California. Known for its picturesque streets and friendly atmosphere, Los Altos offers a unique blend of suburban tranquility and urban convenience. This sought-after community is characterized by its tree-lined avenues, well-maintained parks, and a strong sense of community, making it an ideal place for families, professionals, and retirees alike.

Los Altos boasts a diverse array of homes, including charming single-family residences and modern apartments. The apartment subtypes available here cater to a variety of lifestyles, from cozy one-bedroom units to spacious multi-bedroom layouts. Whether you’re a first-time homebuyer or looking to invest, the apartment options in Los Altos provide a fantastic opportunity for both comfort and convenience. Many of these homes feature modern amenities, open floor plans, and easy access to local parks, shops, and dining.

The neighborhood is conveniently located near major highways, offering quick access to the greater Los Angeles area. Residents can enjoy the nearby beaches, cultural attractions, and the bustling downtown Long Beach scene, all while returning home to the peaceful ambiance of Los Altos.

With its perfect blend of community spirit and urban accessibility, Los Altos is not just a place to live; it’s a place to thrive. Explore the available apartment options today and discover the perfect home in this delightful Long Beach neighborhood.

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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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.