1836 1St St Long Beach, CA 90802

This exceptional 16-unit apartment building, located at 1836 E. 1st Street in Long Beach, California, presents a compelling investment opportunity. Boasting a prime Bixby Park location, this 7,676 square foot property sits on an 8,278 square foot lot (APN 7265-018-007) and offers a mix of unit types: eleven studios, two one-bedroom/one-bathroom units, and three two-bedroom/one-bathroom units. Most units have undergone renovations and include the convenience of in-unit washer/dryers. The building features brand new electrical and gas lines, enhancing its efficiency and safety. Currently generating a Net Operating Income (NOI) of $189,076, with a pro-forma NOI of $236,010, this property offers a 4.56% cap rate and a pro-forma cap rate of 5.69%. An added benefit is the availability of assumable financing at a 3.59% interest rate until April 1, 2027. The building also includes on-site laundry facilities, providing additional income. One non-conforming studio unit is currently undergoing the permitting process. The property's proximity to the beach and the vibrant coastal lifestyle adds significant value. The asking price is $4,150,000, representing a price per unit of $259,375. This is a rare opportunity to acquire a well-maintained, income-producing multifamily property in a highly desirable Long Beach location. Built in 1923, this controlled-access building offers a strong foundation for future growth and profitability.