About this home

One of the finest buildings in Long Beach! Now Offered at $5,095,000 with Seller Financing Considered. 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, delivering essentially new construction with high-end finishes and modern systems throughout. 100% leased and operating at a 5.52% CAP rate and 12.92 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 6.82% 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, 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, 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.

Facts and features

Schools

• Burbank Elementary School

  elementary · K-5 · 0.5 mi

  7

• Franklin Classical Middle School

  middle · 6-8 · 0.7 mi

  4

• Polytechnic High School

  high · 9-12 · 1.6 mi

  7

• Carousel School

  elementary · K-5 · 0.3 mi

• Ubm School

  elementary · K-12 · 0.5 mi

• City Christian School

  elementary · K-6 · 0.6 mi

Price history

• Sep 16, 2026 · Price Changed$5,095,000
• Sep 9, 2026 · Relisted$5,150,000
• Jul 21, 2026 · Listing Removed—
• May 4, 2026 · Price Changed$5,150,000
• Feb 17, 2026 · Listed$5,299,000
• Jul 15, 2024 · Sold$2,525,000
• Aug 13, 1992 · Sold$650,000

Tax history

• 2025$41,080 tax · $3,162,000 assessed
• 2024$15,336 tax · $3,100,000 assessed
• 2023$15,073 tax · $1,083,120 assessed
• 2022$14,177 tax · $1,061,883 assessed
• 2021$13,856 tax · $1,041,062 assessed
• 2020$13,818 tax · $1,030,388 assessed
• 2019$13,659 tax · $1,010,185 assessed
• 2018$13,229 tax · $990,378 assessed

Where it is