7/29/2019 Exec Summary Long Beach

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Executive Summary117 E 8thStreet

Long Beach, CA 92083

Asking Price: $4,995,000 $5,300,000(Bank Owned)

Address: 117 E 8th StreetLong Beach, CA 90813

APNs: 7273-016-009, 010 and 021

Property Type: Previously a 61-unit assisted living facility (potential ground floor retail)

Building Size: Approx. 53,952 SF

Tenants: 2 retail tenants on the ground floor (see property information for leases)

Land Area: Approx. 0.53 Acres# of Stories: 9 (8 above grade, 1 below)

Parking: 45 spaces. Shared parking (approx. 15,747 SF lot behind building) with theadjacent parcel also available for sale (Click here to view marketing brochure)

Year Built: 1929 (Renovated in 2003)

Ceiling Height: 8 - 9 feet

Zoning: R-4-N (Medium-Density Multiple Residential): The R-4-N district is a highdensity, multi-family residential district. It is intended to meet the demand of abroad segment of the population which provides a diversity of housing choices.This implements land use district No.4 of the general plan.

Elevators: 3 (1 inoperable)

InvestmentHighlights:

o Spectacular panoramic city-lights and ocean views from the rooftop patio

o Located near mass transit lines for both buses and rail

o Central to shopping, entertainment and 3 major airports

o Valued below replacement cost

Previous Project’sFeatures:

o Efficiency kitchens with refrigerator, freezer and microwave (full kitchen inbasement)

o Apartments wired for cable TV and phone

o All rooms designed for ease-of-use and accessibility

o Social lounge and TV room on every floor

o Private bathrooms

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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 f loor 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-numberedfloors.

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. Wallsare 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.

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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: Fire sprinkler systems with alarms

Smoke Protectors: Hard-wired, ceiling-mounted smoke detectors in corridors and offices

Lighting: Battery-powered, wall mounted emergency lighting

Call Systems: Centrally monitored resident call system with pull chains in each unit

Care Stations: 1 main care station with care office located on the even-numbered floors

Security: 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: Concrete footings under exterior walls, interior partitions and columns

Basic Construction: Class C- Concrete

Concrete: Concrete