Renovated 30-Unit Apartment
For Sale
$6,999,000
1152 E 1st St, Long Beach, CA 90802
Long Beach multifamily property with extensively renovated units, underground parking, and on-site laundry near the ocean.
Property Size19,800 SF
Price / SF$353.48
Days on Market25
Property Features for 1152 E 1st St
General Information
Standard status
Active
Size
19,800 SF
Total Parking Spaces
16
Property subtype
Residential Income
Additional Details
Multifamily Units
30
Amenities
onsite laundry
Listing Agency:
The Agency
(310) 948-2631
Listed By:
Jonathan Swire · License #01336277
(310) 948-2631
Source:
Exprealty
Added: Jul 20
Changed: Aug 3
Last Checked: Aug 12 at 10:02AM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$378,645
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.60M
$9.28M – $12.37M
NOI $742,059 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
5,680
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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 St Long Beach, CA.
What is the asking price?
The asking price for this property is $6,999,000.
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
