NOT LISTED FOR SALE

1142 E 1st St Unit 50 Long Beach, CA 90802

Alamitos Beach Neighborhood
5 Beds
4 Baths
8,965 Sq Ft
8,222 Sq Ft Lot

Last Sold February 13, 2020

Last sale price $3,980,000 $444 Per Sq Ft

35 Days on Market

Highlights

  • 0.19 Acre Lot
  • Wood Flooring
  • Park
  • Long Beach Polytechnic High School Rated A
  • No HOA
  • Laundry Room

About This Home

As of February 2020

We are proud to present 1142 E. 1st. This sensational, fully rehabbed, turnkey, 14 unit, “value add”, apartment building is located just one block from Ocean Blvd, right in the heart of Alamitos Beach. With beautiful curb appeal, historically low vacancy rates, and a 4.81% Cap with room to move, this building is arguably the best investor opportunity in this location!
The building is comprised of 14 highly desirable units (2, two beds/1 baths & 12, one beds/1 baths). All 14 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. All units have washer/dryers, and onsite laundry caters to guests.
Alamitos Beach is neatly positioned between Belmont shore and Downtown. The building is just a short distance (one block) to the Ocean, nearby restaurants, coffee shops, clothing stores, the arts district/art studios, entertainment, the metro and much much more!

Last Agent to Sell the Property

Cameron Jacques

Kinnery's Brokerage House License #01852032 Listed on: 12/02/2019

Last Buyer's Agent

Cameron Jacques

Kinnery's Brokerage House License #01852032 Listed on: 12/02/2019

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1913

Lot Details

  • 8,222 Sq Ft Lot
  • Two or More Common Walls
  • Level Lot

Parking

  • 1 Open Parking Space
  • 4 Car Garage
  • 2 Carport Spaces

Home Design

  • Property Attached
  • Raised Foundation
  • Composition Roof

Interior Spaces

  • 8,965 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Flooring

  • Wood
  • Laminate

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 4 Bathrooms

Utilities

  • Overhead Utilities
  • Natural Gas Connected
  • Cable TV Available

Additional Features

  • Exterior Lighting
  • Urban Location

Listing and Financial Details

  • Legal Lot and Block 7 / 56
  • Tax Tract Number 5766
  • Assessor Parcel Number 7265009030

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 14 Units

Recreation

  • Park

Building Details

  • Rent Control
  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • 1 Separate Water Meter
  • Operating Expense $102,010
  • Gross Income $305,460
  • Net Operating Income $194,286

Property Details

Home Type

Multi-Family

Year Built

Built in 1913

Lot Details

0

Parking

4

Listing Details

  • CapRate: 4.88
  • Property Attached: Yes
  • Road Surface Type: Paved
  • Subdivision Name Other: Alamitos Beach (AB)
  • Zoning: LBR4R
  • Property Type: Residential Income
  • Parcel Number: 7265009030
  • Year Built: 1913
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Flooring: Laminate, Wood
  • Levels: Two
  • Price Per Square Foot: 443.95

Exterior Features

  • Foundation: Raised
  • Pool Private: No
  • Roof: Composition

Garage/Parking

  • Carport Spaces: 2.00
  • Garage Spaces: 4.00
  • Total Parking Spaces: 7.00
  • Uncovered Spaces: 1.00

Utilities

  • Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Laundry: Yes
  • Laundry Features: Inside
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Curbs, Park, Sidewalks, Street Lights, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Level with Street, Level, Utilities - Overhead, Walkstreet
  • Lot Size Sq Ft: 8222.00
  • Lot Size Acres: 0.1888

Multi Family

  • Average1 Bed Area: 650 Square Feet
  • Average2 Bed Area: 850 Square Feet
  • Gross Income: 305460.00
  • Gross Multiplier: 13.00
  • Gross Operating Income: 296296.00
  • Gross Scheduled Income: 305460.00
  • Lot Size Area: 8222.0000 Square Feet
  • Net Operating Income: 194286.00
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 14
  • Operating Expense: 102010.00
  • Rent Control: Yes
  • Total Expenses: 102010.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • Tax Block: 56
  • Tax Census Tract: 5766.01
  • Tax Lot: 7
  • Tax Tract Number: 5766.0

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
02/13/2020 02/13/20 Sold $3,980,000 -7.3% $444 / Sq Ft
12/02/2019 12/02/19 For Sale $4,295,000 -- $479 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Cameron Jacques

    Seller's Agent in 2020

    Cameron Jacques

    Kinnery's Brokerage House

    (562) 800-0838

    2 in this area

    54 Total Sales

    Cameron Jacques
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW19275303

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90802 Alamitos Beach

1142 E 1st St Unit 50, Long Beach, CA

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California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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