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    833 1St St Long Beach, CA 90802

    For Sale
    $2,350,000

    10-unit apartment building, prime location, high upside.

    Property size:
    6,087 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    364
    This exceptional 10-unit apartment building, located at 833 East 1st Street in Long Beach, California, presents a compelling value-add investment opportunity. The property, built in 1922, comprises two buildings totaling 6,087 square feet on an 8,255 square foot lot. The complex features eight one-bedroom, one-bathroom units and a larger three-bedroom, two-bathroom unit, along with a non-conforming studio. Six parking spaces are available within gated access and garages. Currently generating a Net Operating Income (NOI) of $100,975, a pro-forma NOI of $171,979 is projected, representing a significant increase in potential revenue. The asking price is $2,350,000, translating to $235,000 per unit and $386.07 per square foot. The property boasts a current cap rate of 4.30% and a projected pro-forma cap rate of 7.32%. Its prime location in the desirable Alamitos Beach neighborhood offers easy access to the beach, downtown Long Beach, and Retro Row. The property is offered fee simple and presents a substantial opportunity for increased profitability through unit renovations and rent optimization. The property is classified as Class C and is situated in Los Angeles County, zip code 90802. This is a rare opportunity to acquire a well-located multifamily property with significant upside potential.

    Property Features for 833 1St St

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,087 SF
    Class
    C

    Building Details

    Year Built
    1922
    Buildings
    2
    Units
    10

    HighLights

    • Prime Beachfront Location, walkable to Downtown.
    • Mostly Single‑Story Units.
    • Gated Community with Six Garages.
    • Significant Rental Income Upside Potential (Projected ±45%).
    • Owner Motivated to Sell, Long‑Term Ownership History.
    • Part of a Four‑Property Portfolio; Available Individually or as a Package.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Long Beach
    County
    Los Angeles
    State
    California
    Longitude
    -118.18192853541
    Latitude
    33.767412949008

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    FAQs

    What type of property is this?
    Multifamily property - 10-unit apartment building, prime location, high upside.
    Where is this multifamily property located?
    The property is located at 833 1St St Long Beach, CA.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: Prime Beachfront Location, walkable to Downtown.; Mostly Single-Story Units.; Gated Community with Six Garages.
    Request Owner's contact information
    833 1St St Long Beach, CA 90802
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    Long Beach, CA 90802
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    833 1St St Long Beach, CA 90802
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