400-404 1St St, Long Beach, CA 90802
6,856 SF | 100% Leased | Retail Building | Long Beach, CA 90802 | $2,850,000 ($416/SF) | 6% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,850,000
- Property Type
-
Retail
- Square Feet
- 6,856 SF
- Price / Square Foot
- $416
Listing Contacts
Brandon Michaels
Verified Profile
- Property Info
Property Overview
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 the Arts District of 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. With its strategic location and potential for growth, this mixed-use gem stands as a promising investment opportunity in the heart of Long Beach.
The subject property benefits from excellent visibility and frontage at the signalized corner of E 1st Street and Elm Avenue, with approximately 50 and 70 feet of linear frontage, respectively. Because of its central location in the Arts District of 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.
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. With its strategic location and potential for growth, this mixed-use gem stands as a promising investment opportunity in the heart of Long Beach.
The subject property benefits from excellent visibility and frontage at the signalized corner of E 1st Street and Elm Avenue, with approximately 50 and 70 feet of linear frontage, respectively. Because of its central location in the Arts District of 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.
Property Details
- Class
- C
- Year Built
- 1902
- Stories
- 2
- Property Subtype
- Storefront Retail/Residential
- Lot Size (sq. ft)
- 3,920 SF
Highlights
- Storefront Retail on NNN Leases – Ground floor retail is fully occupied by a diverse mix of tenants paying $3.11/SF on NNN leases.
- Mixed-Use Retail and Apartment The ground floor retail is made up of 3 retail units, the 2ndfloor is made up of 3 large 1 and 2 bed units.
- Below Market Apartment Rents – Residential tenancy is paying $2.44/SF or an average $2,519.45 with upside in rents.
- Strong Signalized Corner – Ideally positioned on the SE signalized corner of E 1st Street and Elm Avenue.
- Excellent Traffic Counts – Highly trafficked pedestrian corridor with a walk score of 96, a “walker’s paradise”.
- Exceptional Visibility and Frontage – Approximately 50 and 70 feet of linear frontage on E 1st Street and Elm Avenue, respectively.
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