1142 E 1st Street

    Long Beach, CA 90802
    • $4,525,000
    • STATUS: Active
    • ON SITE: 163 days
    • ID#: PW18271182
    UPDATED: 18 min ago
    $4,525,000
    • 0
      BEDS
    • 0.19
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 8,960
      SQFT
    • $505
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1913
    County:

    School Ratings & Info

    Description

    We are proud to present 1142 E. 1st Street Apartments. The property presents investors with an opportunity to acquire a turn-key investment with market rents and an attractive 4.5% CAP rate. The property is a 8,960 Square Foot building set on an lot of 8,222 square feet that consists of (12) One Bedroom/ One bathroom units and (2) Two Bedroom/ One Bathroom units, 4 garages, 3 parking spaces parking to tenants as well as on-site laundry. All the units have been fully renovated with new modern kitchens, bathrooms, hardwood floors, tile kitchens and bathrooms, and all new appliances. Some units have the laundry equipment in the units.The building is located in the trendy Alamitos Beach neighborhood and walking distance to the beach as well as numerous cafes, restaurants,boutiques and parks.The city of Long Beach continues to progress forward and is currently experiencing major redevelopment of $2.2 billion. An example of this large-scale redevelopment is the Long Beach Civic Center, which is estimated to be completed early 2019. The Civic Center will include a new city hall and the Port of Long Beach headquarters, as well as multi family residential units. Long Beach sustains its ability to attract renters due to its strong economy and high quality of life.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-04-23T08:30:41.283. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.bestlahomefinder.com/homes/89318091

    1142 E 1st Street Long Beach, CA 90802

    • Price: $4,525,000
    • Status: Active
    • Updated: 18 min ago
    • ID#: PW18271182
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.19
    Acres
    8,960
    SQFT
    $505
    $/SQFT
    1913
    Built
    Neighborhood:
    Alamitos Beach (Ab)
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    We are proud to present 1142 E. 1st Street Apartments. The property presents investors with an opportunity to acquire a turn-key investment with market rents and an attractive 4.5% CAP rate. The property is a 8,960 Square Foot building set on an lot of 8,222 square feet that consists of (12) One Bedroom/ One bathroom units and (2) Two Bedroom/ One Bathroom units, 4 garages, 3 parking spaces parking to tenants as well as on-site laundry. All the units have been fully renovated with new modern kitchens, bathrooms, hardwood floors, tile kitchens and bathrooms, and all new appliances. Some units have the laundry equipment in the units.The building is located in the trendy Alamitos Beach neighborhood and walking distance to the beach as well as numerous cafes, restaurants,boutiques and parks.The city of Long Beach continues to progress forward and is currently experiencing major redevelopment of $2.2 billion. An example of this large-scale redevelopment is the Long Beach Civic Center, which is estimated to be completed early 2019. The Civic Center will include a new city hall and the Port of Long Beach headquarters, as well as multi family residential units. Long Beach sustains its ability to attract renters due to its strong economy and high quality of life.
    Exterior Features

    Carport Spaces 1.00 Foundation Details Raised Garage Spaces 4.00 Lot Features Walkstreet Lot Size Source Assessor Lot Size Units Square Feet Parking Total 8.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring TileWood Laundry Features Washer Hookup Levels Two

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 4.52 Community Features SidewalksUrban Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gross Income 308712.00 Gross Multiplier 14.66 Gross Operating Income 299451.00 Gross Scheduled Income 308712.00 Insurance Expense 0.00 Land Lease YN No Laundry YN Yes Net Operating Income 204698.00 New Construction YN No New Taxes Expense 0.00 Number Of Separate Electric Meters 14 Number Of Separate Gas Meters 14 Number Of Separate Water Meters 1 Operating Expense 94753.00 Professional Management Expense 0.00 Property Condition Updated/Remodeled Rent Control YN No Security Features Gated Community Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Alamitos Beach (Ab) Total Expenses 94753.00 Trash Expense 0.00 Utilities Cable AvailableNatural Gas AvailableSewer Connected Vacancy Allowance 9261 Water Sewer Expense 0.00 Water Source Public Year Built Source Assessor Zoning Lbr4r

    Listing provided courtesy of Cameron Jacques of Kinnery's Brokerage House and George Bustamante of Coldwell Banker Commercial


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-04-23T08:30:41.283. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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