1142 E. 1st Street

1142 E. 1st Street, Long Beach, CA 90802

Sale Price

$4,700,000

Investment Overview

Units

14

Year Built

1913

Price Per Unit

$335,714

Current Cap Rate

4.00%

Market Cap Rate

4.61%

Current GRM

15.31

Market GRM

13.89

The Offering

1142 E. 1st Street is a 14-unit turnkey investment asset located in prime Alamitos Heights, one block from Ocean Boulevard and two blocks from Downtown Long Beach.

With beautiful curb appeal, this fully remodeled property encompasses two buildings with (2) 2 BD / 2 BA units and (12) 1 BD / 1 BA units, some with private patios.  All units have been extensively upgraded to “like new” condition.

Kitchen upgrades consist of: granite counters, stainless steel appliances, all new cabinetry and fixtures throughout. Bathroom upgrades consist of granite counters, all new tile flooring, wainscot, tubs, toilets and fixtures. Twelve of the 14 units have washer/dryers.

A sizable roof deck on the third floor of the rear building provides a shared outdoor entertainment space.  Onsite parking is available with five garages, one carport and two parking spaces. The street-facing building with eight units is master metered and the second building with six units is separately metered.

The property is located in Alamitos Beach, one of the most desirable neighborhoods in Los Angeles County.  Ideally positioned between Belmont Shore and Downtown Long Beach, 1142 E. 1st Street is just one block to the Ocean and several blocks from a plethora of restaurants, coffee shops, clothing stores, the arts district/art studios, entertainment, the Metro and more.

Investment Highlights

  • Excellent Turnkey Investment
  • “A” Location – One Block from Ocean Boulevard
  • In-Unit Washers and Dryers*
  • 5 Garages Plus Additional On-Site Parking
  • 4.0% Cap Rate with Upside Potential
  • Attractive Interest Only Loan at 3.25%