1820 E 2nd Long Beach, CA 90802
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Alamitos Beach (Ab)
MLS Listing ID PW26035100
HOA Y/N No
Year Built 2025
Lot Size 8,272 Sqft
Property Sub-Type Apartment
Property Description
Currently operating at a 5.15% CAP rate and 13.72 GRM, the property offers immediate, stabilized cash flow. RUBS 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 6.45% 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, and code-compliant mechanical improvements. Each unit includes in-unit washer/dryer, plank vinyl flooring, new doors and windows, ceiling fans, and fresh paint—creating a cohesive, upscale aesthetic throughout the property.
Major capital improvements include new plumbing (water lines, waste lines, water heaters), upgraded electrical systems with subpanels and GFCI outlets, HVAC and ventilation improvements, and drought-tolerant landscaping. The building is separately metered for gas and electric, with high-efficiency lighting to minimize operating expenses.
Additionally, a new owner can unlock substantial tax advantages through a cost segregation study, with an estimated $1,379,000 in depreciation within the first five years, compared to approximately $722,590 under standard depreciation—representing an incremental benefit of roughly $660,000.
Located just two blocks from the beach, Millie Jean offers residents immediate access to the coastline while enjoying the walkability, lifestyle, and long-term desirability of Alamitos Beach. This is a rare opportunity to acquire a one-of-a-kind, fully modernized asset in a premier coastal submarket with strong current income, meaningful upside, and long-term appreciation potential.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Cooling None
Fireplaces Type None
Fireplace No
Laundry Inside, See Remarks
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Sidewalks
Total Parking Spaces 5
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7265020006
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Nearby Locations
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