USACALong Beach1152 E 1St Street
Listing image | Image 1

1152 E 1St St, Long Beach, CA

House

For Sale

Listed price in listed location currency (USD).
$6,999,000

83016

MLS® 26860795

  • Key Facts
  • Description
  • Map

Key Facts

Type 
Levels Residential Income
Size 19800 sqft
Garage Yes
Taxes 
Days Active 1
Lot Size 0.189 Acres
Approx. Age 1929
Avg. Price Per Sqft $353
MLS® Number 26860795

Property Address: 1152 E 1st Street, Long Beach, CA, 90802

Average square foot calculated using Size range provided by listing agent.

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.
MLS® Number26860795
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
GarageYes
Approx. Age1929
Basement
DrivewayAssigned
Garage Spaces
HeatWall Furnace
A/C

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Jul 20, 2026List Date
$6,999,000List Price
  • Commute

Commute

Starting Address
Destination Address
1152 E 1St St, Long Beach, CA

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