1152 E 1st ST, Long Beach, CA 90802
1152 E 1st ST, Long Beach, CA 90802
1152 E 1st ST, Long Beach, CA 90802
25
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$6,900,000
Est. payment /mo
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8 Beds
30 Baths
19,800 SqFt
Price Dropped by $99K

1152 E 1st ST Long Beach, CA 90802

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Herb Rim

Herb Rim

+1(818) 699-9179

UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 19,800 sqft

Price per Sqft $348

MLS Listing ID 26860795

Bedrooms 8

HOA Y/N No

Year Built 1929

Lot Size 8,232 Sqft

Property Description

PRICED TO SELL - 9.1 GRM and 7.6% CAP at market rents. 30 units in 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 $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- 5.85% 5-year fixed debt. Earn over an 6% Cash on Cash Return against in place rents with upside to a 10%+ 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.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBR4R

Interior

Heating Wall Furnace

Fireplace No

Exterior

Parking Features Assigned

Garage Spaces 16.0

Garage Description 16.0

Total Parking Spaces 16

Building

Story 3

Entry Level Three Or More

Level or Stories Three Or More

New Construction No

Others

Senior Community No

Tax ID 7265009031

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Jonathan Swire The Agency #01336277

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1152 E 1st ST

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Herb Rim

Herb Rim

Realtor License ID: 01870707

+1(818) 699-9179

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