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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$5,150,000

Est. payment - /mo

8,272 Sqft Lot

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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

Price Improvement! Now Offered at $5,150,000.

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 down to the studs, delivering essentially new construction with high-end finishes and modern systems throughout.

100% leased and operating at a 5.35% CAP rate and 13.25 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 6.68% 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.

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 fully modernized, high-performing asset in a premier coastal submarket with strong in-place income and meaningful upside.

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

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Listed by Spencer Pabst Pabst, Kinney & Associates 562-884-6875, DRE #01849377

NEARBY SCHOOL & BUSINESS

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1820 E 2nd Long Beach, CA 90802