Renovated 30-Unit Apartment
1152 E 1st Street, Long Beach, CA 90802
For Sale
$6,499,000
Long Beach multifamily property with extensively renovated units, underground parking, and on-site laundry near the ocean.
Property Size19,800 SF
Price / SF$328.23
Days on Market120
Property Features for 1152 E 1st Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Amenities
onsite laundry
Building Details
Year Built
Listing Agency:
The Agency
Listed By:
Jonathan Swire · License #01336277
(310) 948-2631
Source:
Sevengables
Added: Jul 12
Changed: Nov 6
Last Checked: Oct 30 at 6:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Agency
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Investment Insights
Based on property information with market context.
This 19,800-square-foot apartment property contains 30 legal units plus one non-conforming one-bedroom unit identified as 401. Twenty-five apartments were renovated within the past five years with new kitchen cabinetry, countertops, updated bathrooms, flooring, and windows. Six units include washers and dryers, while basement laundry serves the property. Common areas and the exterior have also been updated. The building has a 200 AMP main panel and 50 AMP subpanels, subject to buyer verification.
Located at 1152 E 1st St in Long Beach’s Alamitos Beach area, the property is positioned blocks from the ocean and has an 87 Walk Score. On-site parking includes 16 underground spaces, all configured as single spaces. The property is subject to AB 1482 rent control, with annual increases limited to 5% plus CPI, currently 8.7% total. Buyer to verify eligibility for potential legalization of the non-conforming unit through the Long Beach Amnesty Program.
Located at 1152 E 1st St in Long Beach’s Alamitos Beach area, the property is positioned blocks from the ocean and has an 87 Walk Score. On-site parking includes 16 underground spaces, all configured as single spaces. The property is subject to AB 1482 rent control, with annual increases limited to 5% plus CPI, currently 8.7% total. Buyer to verify eligibility for potential legalization of the non-conforming unit through the Long Beach Amnesty Program.
Key Highlights
- 30 legal apartment units plus 1 non‑conforming 1‑bedroom unit, identified as 401
- 19,800 SF property with 16 onsite underground parking spaces
- 25 units renovated within the past 5 years, including kitchens, bathrooms, flooring, and windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$378,645
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,572,900
$7.6M
Cap Rate 7%
$5,409,214
$5.4M
Cap Rate 9%
$4,207,167
$4.2M
Market Conditions
NOI Build-Up for 19,800 SF
Gross rent
$724.7K $36.60/SF
− Vacancy
−$36.2K −$1.83/SF
EGI
$688.4K $34.77/SF
− OpEx
−$309.8K −$15.65/SF
NOI
$378.6K $19.12/SF
Area
Long Beach, CA
Vacancy
5.00%
Lease Rate
$36.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,572,900
Cap Rate 7%
$5,409,214
Cap Rate 9%
$4,207,167
Alternative Uses
Best Use
Apartment 5plus
$5.41M
$4.73M – $6.31M
NOI $378,645 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.60M
$9.28M – $12.37M
NOI $742,059 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
2,159
Businesses Nearby
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Business Placement
Demographics for 90802, CA
41,686
Population
25,055
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
88%
High-School Grad
6.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$72,152
Median Household Income
$52,011
Median Earnings
$1,855
Median Rent
$546,700
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Long Beach, CA
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Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Long Beach multifamily property with extensively renovated units, underground parking, and on-site laundry near the ocean.
Where is this apartment building located?
The property is located at 1152 E 1st Street Long Beach, CA.
What is the asking price?
The asking price for this property is $6,499,000.
What are key features of this property?
This property features: 30 legal apartment units plus 1 non‑conforming 1‑bedroom unit, identified as 401; 19,800 SF property with 16 onsite underground parking spaces; 25 units renovated within the past 5 years, including kitchens, bathrooms, flooring, and windows
