1820 E 2nd, Long Beach, CA 90802 - Hoffman Murphy Real Estate Team

Property listed by Pabst, Kinney & Associates, Spencer Pabst 562-884-6875

$5,299,000

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 best-in-class finishes… Read More and modern building systems throughout. 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. Read Less

Listing Snapshot

Days Online

Last Updated

Feb 17, 2026

Property Type

Apartment

Lot Size

0.19 Acres

Year Built

2025

MLS Number

PW26035100

Additional Details

Building

Built in 2025, 2 buildings, 2 stories, Levels: Two, Entry level: 1, Entry location: 1

Community

Sidewalks

Cooling

None

Fireplaces

None

Garage

5 spaces

Income

Gross Income: $32,185, Gross ScheduledIncome: $386,220, Net Operating Income: $386,220

Laundry

Inside, SeeRemarks

Lot

0.1899 acres, RectangularLot

Parking

5 total parking spaces

Pool

None

Sewer

PublicSewer

Taxes

Additional parcels description:, Parcel Number: 7265020006, Lot: 3

Utilities

Water Source: Public, 13 separate electric meters, 12 separate gas meters

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1820 E 2nd

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