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1221 E 1St St, Long Beach, CA 90802
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1221 E 1St St Long Beach, CA 90802

$6,300,000
  • 7 Beds
  • 16 Baths
  • 8,120 Sq.Ft.
For Sale
$6,300,000 Get Pre-Qualified
Map preview of 1221 E 1St St, Long Beach, CA 90802

Property Overview: 1221 E 1St St Long Beach, CA has 7 bedrooms, 16 bathrooms, 8,120 living square feet and 9,053 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 1221 E. 1st Street is a 16-unit fully stabilized, turnkey apartment asset in prime Alamitos Beach. Over $950,000 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 12-15.) 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.

Listed by Robert Stepp | BRE #01456379 | Keller Williams - Santa Monica
Co-listed by Todd Hawke | BRE #01376219 | Keller Williams - Santa Monica
Last checked: 10 minutes ago | Last updated: March 20th, 2024 | Source CRMLS | DOM: 34
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Home details

Lot Sq. Ft
9,053
HOA Dues
$0/mo
Year built
1923
Garage
--
Property Type:
Mixed Use
Status
Active
MLS#
PW24055909
City
Long Beach
County
Los Angeles
Time on Site
42 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 16
  • Total # of Buildings: 1
  • # of Electric Meters: 17
  • # of Gas Meters: 17
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $3,075
  • Total Rent: $6,150
  • Pro Forma/Market Rent: $3,229
Unit Breakdown 2
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,700
  • Total Rent: $8,100
  • Pro Forma/Market Rent: $2,835
Unit Breakdown 3
  • # of Units: 11
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,971
  • Total Rent: $21,681
  • Pro Forma/Market Rent: $2,070
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.75%
  • Gross Rent Multiplier: 14.5
  • Gross Scheduled Income: $434,580
  • Net Operating Income: $299,255
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $122,288
  • Electric: $965
  • Gas/Fuel: $965
  • Licenses: $1,000
  • New Taxes: $77,424
  • Trash: $965
  • Gardener: $900
  • Insurance: $7,633
  • Maintenance: $4,000
  • Professional Management: $26,492
  • Water/Sewer: $965

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Property Details for 1221 E 1St St

Interior Features
Laundry Information
  • Has Laundry
  • Inside
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: 16-20 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 16
  • Parcel Number: 7265011021
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Alamitos Beach (AB)
  • Directions: Orange Ave & E 1st St
Neighborhood Information
  • Community Features: Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 1221 E 1St St

View property's historical transactions

  • March, 2024

  • Mar 20, 2024

    Date

    Active

    CRMLS: PW24055909

    $6,300,000

    Price

  • January, 2024

  • Jan 30, 2024

    Date

    Canceled

    CRMLS: PW23216829

    $2,000

    Price

  • Nov 27, 2023

    Date

    Active

    CRMLS: PW23216829

    $2,000

    Price

  • Listing provided courtesy of CRMLS

    Welcome to your freshly renovated Scandinavian-styled studio apartment in the heart of Long Beach, CA! This beautiful unit boasts new appliances and fixtures that give it a modern, sophisticated look. As soon as you step inside, you'll be struck by the open floor plan and natural light that floods the space. The living room and kitchen are connected, making it the perfect place to entertain or simply relax after a long day. The kitchen features sleek appliances, including a refrigerator, stove, and dishwasher, as well as plenty of counter space for all of your cooking needs. The living space is a peaceful retreat, with plenty of storage space and tons of window space that let in plenty of natural light. The bathroom has also been fully renovated, with a new vanity and fixtures that add a touch of luxury. Airy and bright at approximately 400 square feet, this STUDIO turnkey apartment home boasts a spacious living area, washer and dryer in-unit, and new energy efficient appliances. The building itself is located in a prime location (with a 94 walk Score and 92 Bike Score), just steps away from GORGEOUS Alamitos beach and all of the shopping, dining, and entertainment that coastal Long Beach has to offer. Street parking only Unit Features: -New appliances -Washer/Dryer in unit -Parking (Street Parking) -Pets OK (2 pet max / must be approved by mgmt., and with additional pet rent and pet deposit) Landlord pays for water, Tenant pays for Trash, Gas and Electric. 1 year lease term.

  • November, 2023

  • Nov 15, 2023

    Date

    Canceled

    CRMLS: PW23184326

    $6,700,000

    Price

  • Oct 3, 2023

    Date

    Active

    CRMLS: PW23184326

    $6,700,000

    Price

  • Listing provided courtesy of CRMLS

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Tax History for 1221 E 1St St

Assessed Value (2020): $359,894
Year Land Value Improved Value Assessed Value
2020 $99,050 $260,844 $359,894

Home Value Compared to the Market

This property vs the competition

1221 E 1St St is listed 687.6% higher than the median list price for the city of Long Beach which has a median list price of $799,900. The median price per/sqft for Long Beach is $644 and this home is listed at $775.86 per/sqft which puts the price per square foot 20.48% higher than the median price per square foot for the city of Long Beach.

About 1221 E 1St St

Detailed summary of property

1221 E 1St St is a mixed use located in Long Beach, CA 90802 and is currently for sale. This mixed use property offers 7 bedrooms, 16 bathrooms, roughly 8,120 living square feet, and sits on an approximately 9,053 square foot lot. 1221 E 1St St was first listed on ArdentRealEstateGroup.com on March 20, 2024. The homeowner is currently asking $6,300,000. The median priced home in Long Beach is $799,900 with a median price per square foot of $644. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 687.6% higher than the median priced home. Local competing homes currently for sale include 2658 Santa Ana Ave, 8 Telescope and 2326 Glen Helen Rd. While the average home in Long Beach, CA is selling in 54 days, 1221 E 1St St has a days on market of 34 days. There are currently 610 homes for sale in the Long Beach real estate market and 349 of them are single family homes while 248 of them are condos and 13 are townhomes. For more information on this home for sale at 1221 E 1St St Long Beach, CA 90802 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1221 E 1St St

Public county record property details
Beds
5
Baths
15
Year built
1923
Sq. Ft.
8,120
Lot Size
9,053
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
16,17
APN
7265-011-021

The source for these homes facts are from public records.

90802 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$530,000
Median List Price/Sq.Ft.
$627
Median Sold Price
$505,000
Median Sold Price/Sq.Ft.
$634
Total Inventory
124
Median Sale to List Price %
96.19%
Avg Days on Market
34
Loan Type
Conventional (50%), FHA (3.57%), VA (3.57%), Cash (28.57%), Other (10.71%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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