1152 E 1st Street, Long Beach, California 90802

$6,600,000

Property Type

Residential Income

Bedrooms

8

Bathrooms

30

Square Feet

19,800 sqft

City

Long Beach

Status

Active

$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.