1237 E 1st St
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1237 E 1st St
18 Unit Apartment Building $6,850,000 ($380,556/Unit) 5.03% Cap Rate Long Beach, CA 90802
Executive Summary
This property is an 18-unit, fully stabilized, and turnkey apartment complex located in the sought-after Alamitos Beach area. The property has seen an investment of over $1,165,000 and has undergone a complete renovation, down to the studs. The entire building was rebuilt, including new floors, windows, interiors, exterior stucco, plumbing, electrical and mechanical systems, and more. Each unit was completely remodeled with high-end finishes. The renovations led by an interior designer, include features such as recessed and custom lighting, brand-new kitchens and bathrooms, stainless steel appliances, and in-unit washers and dryers.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $6,850,000 | Apartment Style | Low Rise |
| Price Per Unit | $380,556 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.03% | Building Size | 10,319 SF |
| Gross Rent Multiplier | 13.69 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Parking Ratio | 0.56/1,000 SF |
| Price | $6,850,000 |
| Price Per Unit | $380,556 |
| Sale Type | Investment |
| Cap Rate | 5.03% |
| Gross Rent Multiplier | 13.69 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.19 AC |
| Building Size | 10,319 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2023 |
| Parking Ratio | 0.56/1,000 SF |
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | $2,066 | 400 |
| 1+1 | 3 | $2,617 | 601 |
| 3+1 | 1 | $3,400 | 875 |
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Walk Score ®
Very Walkable (86)
PROPERTY TAXES
| Parcel Number | 7265-011-019 | Total Assessment | $3,839,076 (2024) |
| Land Assessment | $2,881,908 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $957,168 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7265-011-019
Land Assessment
$2,881,908 (2024)
Improvements Assessment
$957,168 (2024)
Total Assessment
$3,839,076 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | LBR4R |
| LBR4R |
-
Juan Huizar -
Cody Charnell -
Sage Real Estate
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1237 E 1st St
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