1836 1St St Long Beach, CA 90802

Property Details for 1836 1St St

Year built

1923

Construction

WOOD

Lot size

0.19 lot acres

Property size

7,676 SF

Zone code

LBR4R

Property type

Apartment buildings

APN

7265-018-007

APU

7265018007

Description

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.

Location Insight

City

Long Beach

County

Los Angeles

State

California

Longitude

-118.169

Latitude

33.7654

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments