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1221 E. 1st Street

1221 E. 1st Street,Long Beach, CA 90802

16

Unit

$6,300,000

Price

Property Details

Price Per Unit

$393,750

Price per SF

$776

Current Cap Rate

4.75%

Market Cap Rate

5.07%

Current GRM

14.50

Market GRM

13.81

1221 E. 1st Street

1221 E. 1st Street,Long Beach, CA 90802

$6,300,000

Price

Property Details

Price per SF

$776

Price Per Unit

$393,750

Price per SF

$776

Current Cap Rate

4.75%

Market Cap Rate

5.07%

Unit

16

Current GRM

14.50

Market GRM

13.81

Description

1221 E. 1st Street is a 16-unit fully stabilized, turnkey apartment asset in prime Alamitos Beach.

Over $950,000 has been invested in the property. This building was taken back to the studs and completely rebuilt from the floors, windows, interiors, exterior stucco, plumbing, electrical and mechanical systems, and more. (See CAPEX summary on pages 12-15.)

The property features a mix of two (2) 2BD/1BA units, three (3) 1BD/1BA units and 11 studios. All of the units were gutted and fully remodeled with high-end materials. The interior designer-led renovations include (but are not limted to) recessed and custom lighting completely new kitchens and bathrooms, stainless steel appliances, and in-unit washer/dryers.

Located in prime Alamitos Beach, the property is within minutes of the best that Long Beach has to offer. Residents can walk to the wide sandy beach, bike path and volleyball courts, as well quaint bars and restaurants along the Broadway Corridor and trendy shops, restaurants and bars on Fourth Street-Retro Row.

The area is also adjacent to ecclectic and arts-driven East Village Arts District and vibrant Downtown Long Beach and its multitude of employment opportunities.

Alamitos Beach is the #4 Best Neighborhoods for Young Professionals, as ranked by Niche.com. The submarket fetches 14% higher rents than the Long Beach average.

Highlights

  • Fully Stabilized, Turnkey Asset / $955,000 in CAPEX Investment
  • Complete Rebuild and Renovation of the Property to the Studs
  • 100% New Building Systems Including Plumbing, Mechanical and Electrical
  • Complete Interior Designer-Managed Unit Renovations with High-End Materials
  • Prime Alamitos Beach Location, Just 2 Blocks to the Beach and Bike Path
  • Centrally Located to Bixby Park, Retro Row, Broadway Corridor, East Village Arts District, and Vibrant Downtown Amenities

Map