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Fatima Malik

fatima.malik@evrealestate.com +1(310) 968-2085

$ 6,999,000

Est. payment -/mo

Save

Active

1152 E 1st St Long Beach, CA 90802

8 Beds

30 Baths

19,800 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 19,800 sqft

Price per Sqft $353

MLS Listing ID 26860795

Bedrooms 8

Year Built 1929

Lot Size 8,234 Sqft

Acres 0.189

Property Sub-Type Multi-Family

Property 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.

Location

State CA

County Los Angeles

Area Downtown Area, Alamitos Beach

Zoning LBR4R

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Wall Unit(s)

Equipment None

Exterior

Parking Features Assigned

Garage Spaces 16.0

Building

Story 3

Level or Stories Three Or More

Others

Special Listing Condition Standard

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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by The Agency

NEARBY SCHOOLS & PROPERTIES

Fatima Malik

Broker Associate | License ID: 01950831

+1(310) 968-2085

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