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1149 E 1st St 12 Unit Apartment Building $3,200,000 ($266,667/Unit) 6% Cap Rate Long Beach, CA 90802
Investment Highlights
- Upgraded main electrical panels
- Located less than 1 block from the beach
- Opportunity to complete ADU and permit the 13th unit
Executive Summary
1149 E. 1st Street is a striking 12-unit Art Deco multifamily property with a bonus 13th non-conforming unit, ideally located in the heart of Alamitos Beach — one of Long Beach’s most desirable coastal neighborhoods. This architectural standout blends timeless 1930s character with meaningful modern upgrades. The building has been freshly painted and features upgraded plumbing and electrical systems, enhancing long-term performance while preserving its historic charm. Its bold lines and coastal energy evoke a subtle Miami Art Deco aesthetic — vibrant, clean, and full of personality. The property offers a well-balanced unit mix: 3 Studio Units, 2 Two-Bedroom Units (one serving as a penthouse-style unit), 7 One-Bedroom / One-Bath Units, Bonus 13th Non-Conforming Unit All units have been thoughtfully updated with newer kitchens, upgraded flooring, and refreshed interiors. The layouts are spacious and filled with natural light, offering larger-than-average unit sizes compared to many nearby properties — a significant advantage in tenant appeal and retention. The property also includes three garages, providing valuable parking and/or additional income potential in this high-demand beachside location. Situated just blocks from the ocean and minutes from Downtown Long Beach, residents enjoy exceptional walkability, coastal access, dining, nightlife, and the vibrant energy that defines Alamitos Beach living. 1149 E. 1st Street represents a rare opportunity to acquire a character-rich coastal asset with strong rental appeal, solid improvements, and long-term upside in one of Long Beach’s most dynamic neighborhoods.
Data Room Click Here to Access
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,200,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $266,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 6% | Building Size | 7,906 SF |
| Gross Rent Multiplier | 10.88 | Average Occupancy | 94% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1941 |
| Property Subtype | Apartment | Parking Ratio | 0.38/1,000 SF |
| Zoning | R4R, Long Beach - Zoned in LBR4R allows for high-density, multifamily residential development per city approval | ||
| Price | $3,200,000 |
| Price Per Unit | $266,667 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 10.88 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 7,906 SF |
| Average Occupancy | 94% |
| No. Stories | 3 |
| Year Built | 1941 |
| Parking Ratio | 0.38/1,000 SF |
| Zoning | R4R, Long Beach - Zoned in LBR4R allows for high-density, multifamily residential development per city approval |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | - |
| 1+1 | 7 | - | - |
| 2+1 | 2 | - | - |
1 1
Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (83)
Property Taxes
| Parcel Number | 7265-010-016 | Total Assessment | $3,489,889 |
| Land Assessment | $2,213,103 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,276,786 | Tax Year | 2025 |
Property Taxes
Parcel Number
7265-010-016
Land Assessment
$2,213,103
Improvements Assessment
$1,276,786
Total Assessment
$3,489,889
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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1149 E 1st St
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