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833 E 1st St 10 Unit Apartment Building $2,747,734 CAD ($274,773 CAD/Unit) 6.41% Cap Rate Long Beach, CA 90802
INVESTMENT HIGHLIGHTS
- Outstanding Location – Short Walk to the Beach and Downtown
- Gated Access & Garage Parking (6 Garages)
- Long Term Ownership – Motivated Sellers
- Predominantly Single-Story Units
- Added Value Opportunity – Projected ±37% in Rental Upside
EXECUTIVE SUMMARY
Morgan Skenderian, Inc. is pleased to present 833 E. 1st Street, a 10*-unit apartment investment opportunity located in the sought-after Long Beach neighborhood of Alamitos Beach. Offered for sale for the first time in decades, the property is ideally located just a short walk from the beach, and mere minutes from both Downtown and Retro Row. It is comprised of (8) 1-bedroom/1-bathroom single story units in the front building, plus a huge 3-bedroom/2-bathroom in the back, above the studio and garages. 833 E. 1st St. offers substantial upside potential by updating the units and bringing rents closer to market levels.
*The studio unit is non-conforming.
*The studio unit is non-conforming.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$248,412
|
$40.81
|
| Other Income |
$9,917
|
$1.63
|
| Vacancy Loss |
$7,749
|
$1.27
|
| Effective Gross Income |
$250,580
|
$41.17
|
| Taxes |
$38,618
|
$6.34
|
| Operating Expenses |
$35,884
|
$5.90
|
| Total Expenses |
$74,503
|
$12.24
|
| Net Operating Income |
$176,077
|
$28.93
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $248,412 |
| Annual Per SF | $40.81 |
| Other Income (CAD) | |
|---|---|
| Annual | $9,917 |
| Annual Per SF | $1.63 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,749 |
| Annual Per SF | $1.27 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $250,580 |
| Annual Per SF | $41.17 |
| Taxes (CAD) | |
|---|---|
| Annual | $38,618 |
| Annual Per SF | $6.34 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $35,884 |
| Annual Per SF | $5.90 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $74,503 |
| Annual Per SF | $12.24 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $176,077 |
| Annual Per SF | $28.93 |
PROPERTY FACTS In Escrow
| Price | $2,747,734 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $274,773 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 6.41% | Building Size | 6,087 SF |
| Gross Rent Multiplier | 10.64 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1922 |
| Property Type | Multifamily | Parking Ratio | 0.99/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4, Long Beach | ||
| Price | $2,747,734 CAD |
| Price Per Unit | $274,773 CAD |
| Sale Type | Investment |
| Cap Rate | 6.41% |
| Gross Rent Multiplier | 10.64 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 6,087 SF |
| No. Stories | 2 |
| Year Built | 1922 |
| Parking Ratio | 0.99/1,000 SF |
| Zoning | R4, Long Beach |
AMENITIES
SITE AMENITIES
- Controlled Access
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $1,315 CAD | - |
| 1+1 | 8 | $2,085 CAD | - |
| 3+2 | 1 | $2,700 CAD | - |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (71)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 7265-001-032 | Total Assessment | $816,047 CAD (2025) |
| Land Assessment | $578,471 CAD (2025) | Annual Taxes | $38,618 CAD ($6.34 CAD/SF) |
| Improvements Assessment | $237,576 CAD (2025) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7265-001-032
Land Assessment
$578,471 CAD (2025)
Improvements Assessment
$237,576 CAD (2025)
Total Assessment
$816,047 CAD (2025)
Annual Taxes
$38,618 CAD ($6.34 CAD/SF)
Tax Year
2023
CONTACTS
-
Damien Breaux -
Rick Applebaum -
Jay Skenderian -
Morgan-Skenderian Investment Real Estate Group
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833 E 1st St
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