Long Beach, CA 90802 1237 E 1st Street
$7,100,000
6 more
Presented By: Robert Stepp with Keller Williams - Santa Monica; 310-463-2916
Home Details
1237 E. 1st Street is a 18-unit fully stabilized, turnkey apartment asset in prime Alamitos Beach. Over $1,165,000 has been invested in the property. This building was taken back to the studs and completely rebuilt from the floors, windows, interiors, exterior stucco, plumbing, electrical and mechanical systems, and more. (See CAPEX summary on pages 14-17.) The property features a mix of two (2) 2BD/1BA units, three (3) 1BD/1BA units and 11 studios. All of the units were gutted and fully remodeled with high- end materials. The interior designer-led renovations include (but are not limted to) recessed and custom lighting completely new kitchens and bathrooms, stainless steel appliances, and in-unit washer/ dryers. Located in prime Alamitos Beach, the property is within minutes of the best that Long Beach has to offer. Residents can walk to the wide sandy beach, bike path and volleyball courts, as well quaint bars and restaurants along the Broadway Corridor and trendy shops, restaurants and bars on Fourth Street-Retro Row. The area is also adjacent to ecclectic and arts-driven East Village Arts District and vibrant Downtown Long Beach and its multitude of employment opportunities. Alamitos Beach is the #4 Best Neighborhoods for Young Professionals, as ranked by Niche.com. The submarket fetches 14% higher rents than the Long Beach average.
Presented By: Robert Stepp with Keller Williams - Santa Monica; 310-463-2916
Interior Features for 1237 E 1st Street
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsItem2CommonWalls
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesInside
Street SuffixStreet
Total Stories2
Other Rooms
Entry Level1
General for 1237 E 1st Street
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate4.67
Carport Y/NNo
CityLong Beach
Community FeaturesSidewalks
CountyLos Angeles
Days on Market
DirectionsOrange Ave & E 1st St
Electric Expense1350.0
Entry Location1
Fuel Expense1350.0
Garage Spaces0.0
Garage Y/NNo
Gross Income469325.0
HOA / Comm AssnNo
Home Warranty Y/NNo
Insurance Expense8790.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
Listing TermsCash, CashtoNewLoan, Item1031Exchange
Lot Size Square Feet8242.0
MLS Area4 - Downtown Area, Alamitos Beach
MaintenanceExpense4500.0
MobileHomeRemainsYNNo
Net Operating Income331502.0
New ConstructionNo
Operating Expense137823.0
Pool FeaturesNone
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalMixedUse
Property SubTypeMixedUse
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Street Name1st
Subdivision NameAlamitos Beach (AB)
Tax Lot15
Taxes$87,248
Total Units18
Trash Expense1350.0
View Y/NNo
Water Sewer Expense1350.0
Waterfront Y/NNo
Year Built1923
Year Built SourceAssessor
ZoningLBR4R
Exterior for 1237 E 1st Street
Building Area Total8319.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem1620UnitsAcre
Lot Size Acres0.1892
Lot Size Area8242.0
Lot Size SourceAssessor
Lot Size UnitsSquareFeet
Number of Buildings1
Number of Separate Electric Meters19
Number of Separate Gas Meters19
Number of Separate Water Meters1
Open Parking Y/NNo
SpaNo
Total Parking0.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480