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14 Units in Prime Alamitos Beach - 10.5 GRM 1142-1148 E 1st St 14 Unit Apartment Building $4,936,932 CAD ($352,638 CAD/Unit) 5.80% Cap Rate Long Beach, CA 90802
Investment Highlights
- PRICED TO SELL - 9.3 GRM and 7.0% CAP at market rents.
- Prime Alamitos Beach Location in Long Beach NOT subject to local rent control.
- 8 onsite parking spaces.
- EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
- All Units heavily remodeled - 12 of 14 have W/D included.
- Potential to add 2 ADU's - Buyer to verify.
Executive Summary
PRICED TO SELL - 9.3 GRM and 7.0% CAP at market rents.
14 units inprime 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.
Loan quote provided by David Guevara. Momenta Capital Group. 714.474.1284 dguevara@momentacg.com.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
14 units inprime 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.
Loan quote provided by David Guevara. Momenta Capital Group. 714.474.1284 dguevara@momentacg.com.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$468,831
|
$52.30
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$468,831
|
$52.30
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $468,831 |
| Annual Per SF | $52.30 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $468,831 |
| Annual Per SF | $52.30 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $4,936,932 CAD | Apartment Style | Garden |
| Price Per Unit | $352,638 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.80% | Building Size | 8,965 SF |
| Gross Rent Multiplier | 10.5 | Average Occupancy | 100% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1956/2020 |
| Property Subtype | Apartment | Parking Ratio | 0.89/1,000 SF |
| Zoning | LBR4R | ||
| Price | $4,936,932 CAD |
| Price Per Unit | $352,638 CAD |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| Gross Rent Multiplier | 10.5 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 8,965 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1956/2020 |
| Parking Ratio | 0.89/1,000 SF |
| Zoning | LBR4R |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 550 |
| 2+2 | 2 | - | 750 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Good public transit
60/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 7265-009-030 | Improvements Assessment | $2,713,784 CAD |
| Land Assessment | $4,070,676 CAD | Total Assessment | $6,784,460 CAD |
Property Taxes
Parcel Number
7265-009-030
Land Assessment
$4,070,676 CAD
Improvements Assessment
$2,713,784 CAD
Total Assessment
$6,784,460 CAD
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14 Units in Prime Alamitos Beach - 10.5 GRM | 1142-1148 E 1st St
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