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402 east first street

LONG BEACH, CA 90802

PRICE

$2,990,000

BUILDING SIZE

6,856 SF

LOT SIZE

3,730 SF

CAP RATE

5.68%

PRICE/SF (LAND)

$436

PRICE/SF

(BLDG)

$802

The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale 402 E 1st Street, a 6,856 square foot mixed-use retail and apartment property situated on 0.09 acres of land (3,730 SF) located less than 0.5 miles from the beach on the southeast signalized corner of E 1st Street & Elm Avenue in Downtown Long Beach, CA.

402 E 1st Street is currently 100% occupied by a mix of ground floor retail tenants and second floor apartment tenants. The ground floor is made up of three (3) retail units with frontage along both E 1st Street and Elm Avenue, totaling 3,278 square feet (an average 1,093 square foot per unit). The tenants are a synergistic mix of internet resistant and daily needs uses. On average, the retail tenants are paying $3.11/SF per month (or $10,198.51 monthly) on NNN leases. The retail tenants have an average remaining lease term of 2.73 years with staggered lease expirations and no outstanding options to extend.

The second floor is made up of three (3) large one and two bed units averaging 1,034 square feet per unit. The residential tenancy is paying an average of $2,519 per month (or $7,558.35 total). Together the property brings in $17,756.86 monthly, or $2.78/SF, gross. With its strategic location and potential for growth, this mixed-use gem stands as a promising investment opportunity in the heart of Long Beach.

This central location in downtown Long Beach and proximity to the Beach both E 1st Street and Elm Avenue are highly trafficked pedestrian corridors with a walk score of 96, a “walker’s paradise”. The property sits well positioned near a variety of Long Beach staples including the Long Beach Convention and Entertainment Center, Sports Area, Promenade, Aquarium of the Pacific, among so many others.

OFFERING MEMORANDUM

BRANDON MICHAELS
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685

MATTHEW LUCHS

(818) 212-2727

matthew.luchs@marcusmillichap.com
License # 01948233

STEVEN SCHECHTER

(818) 212-2793

steven.schechter@marcusmillichap.com
License # 01089464

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