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Listed by Spencer Pabst, DRE #01849377 • Pabst, Kinney & Associates
$ 5,095,000
Est. payment /mo
Price Dropped by $55K
1820 E 2nd Long Beach, CA 90802
8,273 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26035100
Year Built 2025
Lot Size 8,273 Sqft
Source California Regional MLS
Property Description
One of the finest buildings in Long Beach! Now Offered at $5,095,000 with Seller Financing Considered. Introducing Millie Jean, a completely reimagined 12-unit apartment community located at 1820 E. 2nd Street in the heart of Alamitos Beach, one of Long Beach's most desirable coastal neighborhoods. This turn-key asset has undergone a full, permitted renovation, delivering essentially new construction with high-end finishes and modern systems throughout. 100% leased and operating at a 5.52% CAP rate and 12.92 GRM, the property offers immediate cash flow. RUBS is in place, with tenants responsible for their proportionate share of utilities-reducing operating expenses, improving NOI, and protecting ownership from rising utility costs. The offering includes five single-car garages and fully approved plans to construct two new 2-bedroom, 1-bath ADU units above the garages, providing a clear value-add opportunity. Upon completion of the ADUs, ownership can achieve an estimated 6.82% CAP rate. All units feature high-end interior renovations, including modern kitchens with European-style cabinetry, quartz countertops, Energy Star stainless steel appliances, designer lighting, and contemporary fixtures. Bathrooms have been fully upgraded with modern enclosures, plank flooring,
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Cooling None
Laundry Other
Exterior
Garage Spaces 5.0
Pool None
Building
Water District - Public
Others
Tax ID 7265020006
Special Listing Condition Not Applicable
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