1142 E 1st St, Long Beach, CA 90802
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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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Cristian Farias

Cristian Farias

Engel & Völkers

+1(619) 808-6567
$ 3,475,000
Est. payment /mo
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Active

1142 E 1st St Long Beach, CA 90802

14 Beds

14 Baths

8,965 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 8,965 sqft

Price per Sqft $387

MLS Listing ID 26853641

Bedrooms 14

Year Built 1913

Lot Size 8,224 Sqft

Acres 0.1888

Property Sub-Type Multi-Family

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 Downtown Area, Alamitos Beach

Zoning LBR4R

Rooms

Other Rooms None

Interior

Heating Wall

Cooling None

Equipment None

Exterior

Parking Features Assigned

Garage Spaces 8.0

Building

Story 2

Level or Stories Two

Others

Special Listing Condition Standard

TheMLS (CLAW)
The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2026 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by The Agency
Cristian Farias

Cristian Farias

Advisor

+1(619) 808-6567

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1142 E 1st St