1237 East 1st Street

Long Beach, CA 90802

$7,100,000
Price
4
Beds
18
Baths
8,319 Sq. Ft.
$853 / Sq. Ft.
8,319
Sq. Ft.
$853
per Sq. Ft.

Description

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...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.
  1. Listed by Robert Stepp • DRE #01456379 • Brokerage DRE #01499010 • Keller Williams - Santa Monica • 310-463-2916
  2. Listed by Todd Hawke • DRE #01376219 • Brokerage DRE #01499010 • Keller Williams - Santa Monica

Property Details for 1237 East 1st Street

Parking Spaces Total
0
Private Pool
No
Total Units
18.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
8319
Assessor Parcel Number
7265-011-019
Property Attached YN
true

Location

Listing Courtesy of Keller Williams - Santa Monica, Robert Stepp, DRE #01456379; Keller Williams - Santa Monica, Todd Hawke, DRE #01376219
Add your commute
LISTING UPDATED: 03/20/2024 04:59 AM

Property Details for 1237 East 1st Street

StatusActive
MLS #PW24055916
Days on Market40
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1923
Lot Size0.19 AC / 8,242 SF
CountyLos Angeles County

Location

Listing Courtesy of Keller Williams - Santa Monica, Robert Stepp, DRE #01456379; Keller Williams - Santa Monica, Todd Hawke, DRE #01376219
Add your commute

Building Information for 1237 East 1st Street

Stories2Residences-Year Built1923Building Size-Lot Size0.19 AC / 8,242 SF

Payment Calculator

$42,896 per month

30 year fixed, 7.25% Interest

Principal and Interest

$38,748

Property Taxes

$4,148

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1237 East 1st Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $469,325
  • Gross Scheduled Income: $483,840
  • Net Operating Income: $331,502
  • Gross Multiplier: 14.67
  • Cap Rate: 4.67
Expense Details
  • Operating Expense: $137,823
  • New Taxes Expense: $87,248
  • Gardener Expense: $900
  • Fuel Expense: $1,350
  • Licenses Expense: $1,000
  • Pest Control Expense: $1,212
  • Electric Expense: $1,350
  • Insurance Expense: $8,790
  • Maintenance Expense: $4,500
  • Professional Management Expense: $28,773
  • Trash Expense: $1,350
  • Water Sewer Expense: $1,350
  • Total Expenses: $137,823
Tax / Assessment Info
  • Tax Block: 63
  • Tax Tract Number: 5766
  • Tax Census Tract: 5766.01
  • Tax Lot: 15
Community / Development
Community / Development
  • Community Features: Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Inside
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: 16-20 Units/Acre
  • Number Of Units: 18
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Alamitos Beach
  • Builders Tract Code: Alamitos Beach (AB)
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $3,400
  • Unit Type Total Rent: $3,400
  • Unit Type Pro Forma: 3570
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,650
  • Unit Type Total Rent: $7,950
  • Unit Type Pro Forma: 2783
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 14
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,041
  • Unit Type Total Rent: $28,574
  • Unit Type Pro Forma: 2143
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 19
  • Number Of Separate Gas Meters: 19
  • Number Of Separate Water Meters: 1

Property History for 1237 East 1st Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1237 East 1st Street

Taxable ValueLand$2,825,400Additions$939,600Total$3,765,000
Tax Record2023$49,774 ($4,148 / month)
Home Facts
Total Finished SqFt8,319 SqFtAbove Grade Finished SqFt8,319 SqFtLot Size8,242 SqFtStyleMulti-Family Res (5+ Units)Year Built1923ZoningLBR4RCountyLOS ANGELESAPN7265-011-019

Schools near 1237 East 1st Street

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Stevenson Elementary School
PublicK to 5

Franklin Classical Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

Renaissance High School For The Arts
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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1237 East 1st Street is a mixed use property for sale in Long Beach, CA 90802. This property was listed for sale on March 20, 2024 by Keller Williams - Santa Monica, it's currently listed at $7,100,000. It has been on the market for a total of 40 days and was last sold on February 18, 2022. This listing's school district is Long Beach Unified School District. Nearby schools include Stevenson Elementary School, Franklin Classical Middle School and Polytechnic High School. 1237 East 1st Street is a 4-bed, 18-bath, 8,319 sqft mixed use property built in 1923.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams - Santa Monica, Robert Stepp, DRE #01456379; Keller Williams - Santa Monica, Todd Hawke, DRE #01376219

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.