1152 E 1st Street, Long Beach, CA 90802
Los Angeles County
Key Facts
Description
PRICED TO SELL - 9.3 GRM and 7.4% CAP at market rents. 30 units in Alamitos Beach in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7% total). Located blocks from the ocean with 16 onsite underground parking spaces (all are single spaces). 25 units were updated in the past 5 years and taken down to the studs - all new kitchen cabinets, counter tops, updated bathrooms, flooring and windows. 6 units have W/D's in them. The common areas and exterior were also redone. The Seller has spent over $2MM in CAP EX. The property features 30 legal units and 1 non-conforming 1 bed unit (401). The non-conforming unit can likely be legalized under the Long Beach Amnesty Program - Buyer to verify. The property has an 87 Walkscore. It has a 200 AMP main panel and 50 AMP subpanels - Buyer to verify. There is onsite laundry in the basement and 6 units have W/D in them as well. Based on area rental comps, there is approximately 14% rental upside, allowing an owner to achieve a 9.35 GRM and 7.4% CAP once rents are leveled to market. Excellent lender financing is available for qualified Buyers- 5.4% 5-year fixed debt. Earn over an 7.5% Cash on Cash Return against in place rents with upside to a 11%+ return at market. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The Long Beach Airport is also undergoing a $37MM remodel in preparation for the 2028 Olympic Games.
Property Information
Property Type
Residential Income
Year Built
1929
Stories
3
Living Area
19,800 sq ft
Lot Size
0.19 acres
Garage Spaces
16
Parking Spaces
16
Zoning
LBR4R
Days on Market
4
MLS® Listing#
26860795
Property Features
Heating
Parking
Financial Details
HOA
None
Parcel Number
7265009031
Directions
30 units in prime Alamitos Beach.
Affordability Calculator
$1,399,800
Estimated monthly payment
$37,252/mo
Principal $5,599,200 · Est. interest $7,811,382 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Long Beach, CA
- $1,000,000
- Median Listing Price
- 55
- Median Days on Market
- 1,897
- Median Sq Ft
- $795
- Median Price / Sq Ft
- 2,446
- Active Listings
- This home’s price is 600% above the area median.
- Its price per sq ft is 56% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Long Beach, CA.
Location
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Points of Interest in Long Beach, CA
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Moving Cost Estimate
EXIT Agents in Long Beach
Listing Courtesy: The Agency - 4242303700
Presented by: Jonathan Swire
Licensed in the state of California.