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1152 E 1st St 31 Unit Apartment Building $6,999,000 ($225,774/Unit) 6.10% Cap Rate Long Beach, CA 90802
Investment Highlights
- PRICED TO SELL - 9.3 GRM and 7.4% CAP at market rents.
- 16 Onsite Parking Spaces.
- Excellent Bank Financing Available - 5.4% Fixed for 5 Years for Qualified Buyers.
- Heavy Rehab - Over $2MM in CAP EX Spent - 25 units taken down to the studs
- Prime Alamitos Beach location - blocks to the ocean.
- EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
Executive Summary
PRICED TO SELL - 9.3 GRM and 7.4% CAP 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. The common areas and exterior were also redone. The Seller has spent over $2MM 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.
Based on area rental comps, there is approximately 14% rental upside, allowing an owner to achieve a 9.35 GRM and 7.4% CAP once rents are leveled to market.
Excellent lender financing is available for qualified Buyers- 5.4% 5-year fixed debt with 30% down. Loan quote provided by David Guevara. Momenta Capital Group. 714.474.1284 dguevara@momentacg.com
Earn over an 7.5% Cash on Cash Return against in place rents with upside to a 11%+ 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.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
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. The common areas and exterior were also redone. The Seller has spent over $2MM 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.
Based on area rental comps, there is approximately 14% rental upside, allowing an owner to achieve a 9.35 GRM and 7.4% CAP once rents are leveled to market.
Excellent lender financing is available for qualified Buyers- 5.4% 5-year fixed debt with 30% down. Loan quote provided by David Guevara. Momenta Capital Group. 714.474.1284 dguevara@momentacg.com
Earn over an 7.5% Cash on Cash Return against in place rents with upside to a 11%+ 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.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$663,000
|
$32.87
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$663,000
|
$32.87
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $663,000 |
| Annual Per SF | $32.87 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $663,000 |
| Annual Per SF | $32.87 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $6,999,000 | Apartment Style | Low-Rise |
| Price Per Unit | $225,774 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 6.10% | Building Size | 20,168 SF |
| Gross Rent Multiplier | 10.6 | No. Stories | 3 |
| No. Units | 31 | Year Built/Renovated | 1929/2021 |
| Property Type | Multifamily | Parking Ratio | 0.79/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LBR4R | ||
| Price | $6,999,000 |
| Price Per Unit | $225,774 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 10.6 |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 20,168 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1929/2021 |
| Parking Ratio | 0.79/1,000 SF |
| Zoning | LBR4R |
Amenities
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 22 | - | 300 - 500 |
| 1+1 | 9 | - | 450 - 600 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Good public transit
60/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 7265-009-031 | Improvements Assessment | $2,594,653 |
| Land Assessment | $4,807,272 | Total Assessment | $7,401,925 |
Property Taxes
Parcel Number
7265-009-031
Land Assessment
$4,807,272
Improvements Assessment
$2,594,653
Total Assessment
$7,401,925
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1152 E 1st St
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