833 1St St Long Beach, CA 90802
- Apartment buildings
- 6,087 SF
- 0.19 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 833 1St St
- Year built
- 1922
- Construction
- WOOD
- Lot size
- 0.19 lot acres
- Property size
- 6,087 SF
- Zone code
- LBR4R
- Property type
- Apartment buildings
- APN
- 7265-001-032
- APU
- 7265001032
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.182
- Latitude
- 33.7677
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
