Description
One of the finest buildings in Long Beach! Now Offered at $5,095,000 with Seller Financing Considered. Introducing Millie Jean, a completely reimagined 12-unit apartment community located at 1820 E. 2nd Street in the heart of Alamitos Beach, one of Long Beach's most desirable coastal neighborhoods. This turn-key asset has undergone a full, permitted renovation, delivering essentially new construction with high-end finishes and modern systems throughout. 100% leased and operating at a 5.52% CAP rate and 12.92 GRM, the property offers immediate cash flow. RUBS is in place, with tenants responsible for their proportionate share of utilities-reducing operating expenses, improving NOI, and protecting ownership from rising utility costs. The offering includes five single-car garages and fully approved plans to construct two new 2-bedroom, 1-bath ADU units above the garages, providing a clear value-add opportunity. Upon completion of the ADUs, ownership can achieve an estimated 6.82% CAP rate. All units feature high-end interior renovations, including modern kitchens with European-style cabinetry, quartz countertops, Energy Star stainless steel appliances, designer lighting, and contemporary fixtures. Bathrooms have been fully upgraded with modern enclosures, plank flooring, and code-compliant mechanical improvements. Each unit includes in-unit washer/dryer, plank vinyl flooring, new doors and windows, ceiling fans, and fresh paint-creating a cohesive, upscale aesthetic throughout. Major capital improvements include new plumbing (water lines, waste lines, water heaters), upgraded electrical systems with subpanels, HVAC and ventilation improvements, and drought-tolerant landscaping. The building is separately metered for gas and electric, with high-efficiency lighting to minimize operating expenses. Additionally, a new owner can unlock substantial tax advantages through a cost segregation, with an estimated $1,379,000 in depreciation within the first five years, compared to approximately $722,590 under standard depreciation-representing an incremental benefit of roughly $660,000. Located just two blocks from the beach, Millie Jean offers residents immediate access to the coastline while enjoying the walkability, lifestyle, and long-term desirability of Alamitos Beach. This is a rare opportunity to acquire a fully modernized, high-performing asset in a premier coastal submarket with strong in-place income and meaningful upside.
Details
| MLS # | PW26035100 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 2025 |
| Days On Site | 240 |
| Listing Provided By | Pabst, Kinney & Associates | Spencer Pabst |
Features
| SQ Feet | 8,130 |
|---|---|
| Garage | 5 |
| Story(s) | 2 |
| Units | 12 |
| Building(s) | 2 |
| Acreage | 0.19 |
Interior
| Cooling | None |
|---|---|
| Cooling Yes / No | No |
| Fireplace Yes / No | No |
Exterior
| Lot Features | Rectangular Lot |
|---|
Parking
| Garage Yes / No | Yes |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 4 Downtown Area | Alamitos Beach |
| Community Name | Alamitos Beach (AB) |
| Listing VS Median (in Alamitos Beach (AB)) | |
Price: $5,095,000 low | high Med: $1,700,000 sqft: 8,130 low | high Med: 5,016 $ / sqft: $627 low | high Med: $339 On site: 240 low | high Med: 110 | |
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 |
| Community Name | Alamitos Beach (AB) |
| Listing VS Median (in Alamitos Beach (AB)) | |
Price: $5,095,000 low | high Med: $1,700,000 sqft: 8,130 low | high Med: 5,016 $ / sqft: $627 low | high Med: $339 On site: 240 low | high Med: 110 | |