1142 E 1st ST, Long Beach, CA 90802
1142 E 1st ST, Long Beach, CA 90802
1142 E 1st ST, Long Beach, CA 90802
1142 E 1st ST, Long Beach, CA 90802
1142 E 1st ST, Long Beach, CA 90802
1142 E 1st ST, Long Beach, CA 90802
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Ruby Raymond

Ruby Raymond

+1(805) 201-6341
$ 3,475,000
Est. payment | /mo

14 Beds

14 Baths

8,965 SqFt

Save
$ 3,475,000
Est. payment | /mo
Save

14 Beds

14 Baths

8,965 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 8,965 sqft

Price per Sqft $387

MLS Listing ID 26853641

Bedrooms 14

HOA Y/N No

Year Built 1913

Lot Size 8,224 Sqft

Property Description

PRICED TO SELL - 9.3 GRM and 7.0% CAP at market rents. 14 units in prime Alamitos Beach in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7% total). Located blocks from the ocean, all units have been tastefully remodeled and 12 of the 14 units feature in unit W/D's. The front building was constructed in 1913 and the rear structure in 1956. All units were updated in 2020 including new kitchen cabinets, counter tops, updated bathrooms and flooring. Many units have private outdoor patios/spaces. The building was also recently painted green. The property features 5 garages, 1 carport and 2 open parking spaces. The 5 garages in the rear could potentially be converted into 2 new ADU's - Buyer to verify. Currently no tenants pay for parking, it is included as part of their lease. The front building (8 units) is master metered and the rear building (6 units) is separately metered for utilities. The property has an 87 Walkscore as well. Based on area rental comps, there is approximately 11% rental upside, allowing an owner to achieve a 9.35 GRM and 7.0% CAP once rents are leveled to market. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The Long Beach Airport is also undergoing a $37MM remodel in preparation for the 2028 Olympic Games.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBR4R

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Exterior

Parking Features Assigned

Total Parking Spaces 8

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7265009030

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Jonathan Swire The Agency #01336277

NEARBY SCHOOL & BUSINESS

REVIEWS

Ximena Ames Nugent

Professional & Paid Attention to My Needs

I am very impressed with the professionalism of this team! They worked very hard with terrific attention to details and respect for my needs. I would highly recommend Ruby and Patrick as they are knowledgeable, and dedicated to their clients.

Jeff M

Purchase

Ruby and the Raymond Team were great. We're in our new home right now writing this. Ruby helped make this happen and if you are looking for a home in the 5 Cities area I suggest you give Ruby a call. Thanks Ruby, SM

RonSteinback

The broker that everyone hopes to hire!

Patrick listed and sold two properties for me this year, and I intend to use him on a third transaction. Patrick is responsive and knows the local area. I am a broker myself, but located in southern California. Patrick is the broker that everyone hopes to hire!

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How Does The Raymond Team Deliver Exceptional Real Estate Service?

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We educate you on the market and guide you to the best best decision about your move.

Proven Systems

Over 23 years of real estate experience  has helped us perfect our results-driven buying and selling systems.

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Ruby Raymond
Ruby Raymond

Broker Associate | License ID: 01342959

+1(805) 201-6341 | homes@raymondteamre.com

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By checking this box, I agree by electronic signature to the Electronic Disclosure Consent Agreement; to receive recurring marketing communication from or on behalf of Ruby Raymond, including auto-dialed calls, texts, and artificial/prerecorded voice messages (message frequency varies; data rates may apply; reply "STOP" to opt-out of texts or "HELP" for assistance); and to the Terms of Service and Privacy Policy of this website. Consent not required to make a purchase. I understand that I can call to obtain direct assistance.