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833 E 1st St 10 Unit Apartment Building $1,995,000 ($199,500/Unit) 6.41% Cap Rate Long Beach, CA 90802
INVESTMENT HIGHLIGHTS
- Outstanding Location – Short Walk to the Beach and Downtown
- Gated Access & Garage Parking (6 Garages)
- Long Term Ownership – Motivated Sellers
- Predominantly Single-Story Units
- Added Value Opportunity – Projected ±37% in Rental Upside
EXECUTIVE SUMMARY
Morgan Skenderian, Inc. is pleased to present 833 E. 1st Street, a 10*-unit apartment investment opportunity located in the sought-after Long Beach neighborhood of Alamitos Beach. Offered for sale for the first time in decades, the property is ideally located just a short walk from the beach, and mere minutes from both Downtown and Retro Row. It is comprised of (8) 1-bedroom/1-bathroom single story units in the front building, plus a huge 3-bedroom/2-bathroom in the back, above the studio and garages. 833 E. 1st St. offers substantial upside potential by updating the units and bringing rents closer to market levels.
*The studio unit is non-conforming.
*The studio unit is non-conforming.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$180,360
|
$29.63
|
| Other Income |
$7,200
|
$1.18
|
| Vacancy Loss |
$5,626
|
$0.92
|
| Effective Gross Income |
$181,934
|
$29.89
|
| Taxes |
$28,039
|
$4.61
|
| Operating Expenses |
$26,054
|
$4.28
|
| Total Expenses |
$54,093
|
$8.89
|
| Net Operating Income |
$127,841
|
$21.00
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $180,360 |
| Annual Per SF | $29.63 |
| Other Income | |
|---|---|
| Annual | $7,200 |
| Annual Per SF | $1.18 |
| Vacancy Loss | |
|---|---|
| Annual | $5,626 |
| Annual Per SF | $0.92 |
| Effective Gross Income | |
|---|---|
| Annual | $181,934 |
| Annual Per SF | $29.89 |
| Taxes | |
|---|---|
| Annual | $28,039 |
| Annual Per SF | $4.61 |
| Operating Expenses | |
|---|---|
| Annual | $26,054 |
| Annual Per SF | $4.28 |
| Total Expenses | |
|---|---|
| Annual | $54,093 |
| Annual Per SF | $8.89 |
| Net Operating Income | |
|---|---|
| Annual | $127,841 |
| Annual Per SF | $21.00 |
PROPERTY FACTS
| Price | $1,995,000 | Apartment Style | Low-Rise |
| Price Per Unit | $199,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 6.41% | Building Size | 6,087 SF |
| Gross Rent Multiplier | 10.64 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1922 |
| Property Type | Multifamily | Parking Ratio | 0.99/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4, Long Beach | ||
| Price | $1,995,000 |
| Price Per Unit | $199,500 |
| Sale Type | Investment |
| Cap Rate | 6.41% |
| Gross Rent Multiplier | 10.64 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 6,087 SF |
| No. Stories | 2 |
| Year Built | 1922 |
| Parking Ratio | 0.99/1,000 SF |
| Zoning | R4, Long Beach |
AMENITIES
SITE AMENITIES
- Controlled Access
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $955.00 | - |
| 1+1 | 8 | $1,514 | - |
| 3+2 | 1 | $1,960 | - |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (71)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 7265-001-032 | Total Assessment | $583,512 (2025) |
| Land Assessment | $413,634 (2025) | Annual Taxes | $28,039 ($4.61/SF) |
| Improvements Assessment | $169,878 (2025) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7265-001-032
Land Assessment
$413,634 (2025)
Improvements Assessment
$169,878 (2025)
Total Assessment
$583,512 (2025)
Annual Taxes
$28,039 ($4.61/SF)
Tax Year
2023
CONTACTS
-
Damien Breaux -
Rick Applebaum -
Jay Skenderian -
Morgan-Skenderian Investment Real Estate Group
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833 E 1st St
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