833 E 1st St
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833 E 1st St
10 Unit Apartment Building $2,350,000 ($235,000/Unit) 4.30% Cap Rate Long Beach, CA 90802
Investment Highlights
- Outstanding Location – Short Walk to the Beach and Downtown
- Gated Access & Garage Parking (6 Garages)
- Long Term Ownership – Motivated Sellers
- Predominantly Single-Story Units
- Added Value Opportunity – Projected ±45% in Rental Upside
- Part of a (4) Property Portfolio -- Can Be Purchased Separately or Together
Executive Summary
Morgan Skenderian, Inc. is pleased to present 833 E. 1st Street, a 10*-unit apartment investment opportunity located in the sought-after Long Beach neighborhood of Alamitos Beach. Offered for sale for the first time in decades, the property is ideally located just a short walk from the beach, and mere minutes from both Downtown and Retro Row. It is comprised of (8) 1-bedroom/1-bathroom single story units in the front building, plus a huge 3-bedroom/2-bathroom in the back, above the studio and garages. 833 E. 1st St. offers substantial upside potential by updating the units and bringing rents closer to market levels.
*The studio unit is non-conforming.
*The studio unit is non-conforming.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$156,000
|
$25.63
|
| Other Income |
$7,200
|
$1.18
|
| Vacancy Loss |
$4,896
|
$0.80
|
| Effective Gross Income |
$158,304
|
$26.01
|
| Taxes |
$32,457
|
$5.33
|
| Operating Expenses |
$24,872
|
$4.09
|
| Total Expenses |
$57,329
|
$9.42
|
| Net Operating Income |
$100,975
|
$16.59
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $156,000 |
| Annual Per SF | $25.63 |
| Other Income | |
|---|---|
| Annual | $7,200 |
| Annual Per SF | $1.18 |
| Vacancy Loss | |
|---|---|
| Annual | $4,896 |
| Annual Per SF | $0.80 |
| Effective Gross Income | |
|---|---|
| Annual | $158,304 |
| Annual Per SF | $26.01 |
| Taxes | |
|---|---|
| Annual | $32,457 |
| Annual Per SF | $5.33 |
| Operating Expenses | |
|---|---|
| Annual | $24,872 |
| Annual Per SF | $4.09 |
| Total Expenses | |
|---|---|
| Annual | $57,329 |
| Annual Per SF | $9.42 |
| Net Operating Income | |
|---|---|
| Annual | $100,975 |
| Annual Per SF | $16.59 |
Property Facts
| Price | $2,350,000 | Apartment Style | Low Rise |
| Price Per Unit | $235,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 4.30% | Building Size | 6,087 SF |
| Gross Rent Multiplier | 14.4 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1922 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Price | $2,350,000 |
| Price Per Unit | $235,000 |
| Sale Type | Investment |
| Cap Rate | 4.30% |
| Gross Rent Multiplier | 14.4 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 6,087 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1922 |
| Parking Ratio | 0.99/1,000 SF |
Site Amenities
- Controlled Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $880.00 | - |
| 1+1 | 8 | $1,290 | - |
| 3+2 | 1 | $1,800 | - |
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Walk Score ®
Walker's Paradise (96)
Transit Score ®
Excellent Transit (71)
Bike Score ®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 7265-001-032 | Total Assessment | $572,072 (2024) |
| Land Assessment | $405,524 (2024) | Annual Taxes | $32,457 ($5.33/SF) |
| Improvements Assessment | $166,548 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7265-001-032
Land Assessment
$405,524 (2024)
Improvements Assessment
$166,548 (2024)
Total Assessment
$572,072 (2024)
Annual Taxes
$32,457 ($5.33/SF)
Tax Year
2023
zoning
| Zoning Code | R4, Long Beach |
| R4, Long Beach |
-
Damien Breaux -
Rick Applebaum -
Morgan-Skenderian Investment Real Estate Group
(949) 251-8800
x114
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