1142 E 1st Street,Long Beach, CA 90802
Long Beach, CA 90802
Description
PRICED TO SELL - 9.3 GRM and 7.0% CAP at market rents. 14 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, all units have been tastefully remodeled and 12 of the 14 units feature in unit W/D's. The front building was constructed in 1913 and the rear structure in 1956. All units were updated in 2020 including new kitchen cabinets, counter tops, updated bathrooms and flooring. Many units have private outdoor patios/spaces. The building was also recently painted green. The property features 5 garages, 1 carport and 2 open parking spaces. The 5 garages in the rear could potentially be converted into 2 new ADU's - Buyer to verify. Currently no tenants pay for parking, it is included as part of their lease. The front building (8 units) is master metered and the rear building (6 units) is separately metered for utilities. The property has an 87 Walkscore as well. Based on area rental comps, there is approximately 11% rental upside, allowing an owner to achieve a 9.35 GRM and 7.0% CAP once rents are leveled to 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 # | 26853641 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1913 |
| Days On Site | 57 |
| Listing Provided By | The Agency | Jonathan Swire |
Features
| Bed(s) | 14 |
|---|---|
| Bath(s) | 14 |
| SQ Feet | 8,965 |
| Story(s) | 2 |
| Units | 14 |
| Building(s) | 2 |
| Zoning | LBR4R |
| Acreage | 0.19 |
Interior
| Cooling | None |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
Parking
| Parking Features | Assigned |
|---|
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: $3,475,000 low | high Med: $439,000 sqft: 8,965 low | high Med: 690 $ / sqft: $388 low | high Med: $636 On site: 57 low | high Med: 142 | |
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: $3,475,000 low | high Med: $439,000 sqft: 8,965 low | high Med: 690 $ / sqft: $388 low | high Med: $636 On site: 57 low | high Med: 142 | |