Price Reduced Listing
1152 E 1st Street,Long Beach, CA 90802
Long Beach, CA 90802
Description
$395K Price Reduction. Prime Alamitos Beach - PRICED TO SELL - 8.6 GRM and 8.0% CAP at market rents. Ean over 11% cash on cash return at market rents. 30 units in prime 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 $2.5MM 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. Priced under 10 GRM on current rents. Based on area rental comps, there is approximately 14% rental upside, allowing an owner to achieve a 8.6 GRM and 8.0% CAP once rents are leveled to market. Excellent lender financing is available for qualified Buyers- 6.1% 5-year fixed debt. Earn over an 7% Cash on Cash Return against in place rents with upside to a 12%+ 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.
Details
| MLS # | 26860795 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1929 |
| Days On Site | 84 |
| Listing Provided By | The Agency | Jonathan Swire |
Features
| Bed(s) | 8 |
|---|---|
| Bath(s) | 30 |
| SQ Feet | 19,800 |
| Garage | 16 |
| Story(s) | 3 |
| Units | 30 |
| Building(s) | 1 |
| Zoning | LBR4R |
| Acreage | 0.19 |
Interior
| Heating | Wall Furnace |
|---|---|
| Heating Yes / No | Yes |
Parking
| Parking Features | Assigned |
|---|---|
| Garage Yes / No | Yes |
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90802) | |
Price: $6,600,000 low | high Med: $2,000,000 sqft: 19,800 low | high Med: 4,820 $ / sqft: $333 low | high Med: $415 On site: 84 low | high Med: 46 | |
Market Activity 90802
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90802) | |
Price: $6,600,000 low | high Med: $2,000,000 sqft: 19,800 low | high Med: 4,820 $ / sqft: $333 low | high Med: $415 On site: 84 low | high Med: 46 | |