The immediate area surrounding the subject property is mixed use that includes historic single family homes, apartments, and street front retail in a densely populated area. An array of small business commercial users offering services from restaurants, banking, clothing, and professional offices are within blocks of the property. The on-site parking is to code offering 4/1000 parking spaces. 627 Magnolia is zoned LBPD30 and is in the Downtown neighborhood overlay area. This area provides a mix of housing opportunities within walking distance of employment and services. Development standards for this area have a 38’ height limit and minimum of 600 SF per unit with a possibility of 450 SF per unit subject to site. Base on our research the property appears to be compliant with city zoning codes.
627 Magnolia Avenue is in the Willmore Historic District of downtown Long Beach. The property is well located for retail on the southwest corner of Magnolia Avenue and 7th street just three blocks east of the on-ramp of the 710 freeway north. The building was last purchased in June 1993 and new improvements of 8,788 SF were completed in 1995 on a land area of approximately 26, 254 SF. The property is built out as a retail center a portion of which is operated by ownership.
