1152 E 1st ST, Long Beach, CA 90802
1152 E 1st ST, Long Beach, CA 90802
1152 E 1st ST, Long Beach, CA 90802
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Ernie Caponera

Ernie Caponera

+1(714) 606-0926
$6,999,000
Est. payment /mo
8 Beds
30 Baths
19,800 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 19,800 sqft

Price per Sqft $353

MLS Listing ID 26860795

Bedrooms 8

HOA Y/N No

Year Built 1929

Lot Size 8,232 Sqft

Property Description

PRICED TO SELL - 9.3 GRM and 7.4% 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- 5.4% 5-year fixed debt. 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.

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

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Listed by Jonathan Swire The Agency #01336277

Nearby Locations

Ernie Caponera

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(714) 606-0926

ernie@newport-properties.com

2747 E COAST HWY Unit 200, CORONA DEL MAR, California, 92625, USA

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