-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WR0D3WOFP1Xu6oHqiCW8ikcyCfIhhetJInXrjYeTLSk/UA2GQJMbP7GCUH10KbuG
 gKzcpEmFDpt1AehZxFBtlg==

<SEC-DOCUMENT>0001452993-10-000003.txt : 20100421
<SEC-HEADER>0001452993-10-000003.hdr.sgml : 20100421
<ACCEPTANCE-DATETIME>20100421155241
ACCESSION NUMBER:		0001452993-10-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100421
DATE AS OF CHANGE:		20100421
EFFECTIVENESS DATE:		20100421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KSP EQUITIES 1 LLC
		CENTRAL INDEX KEY:			0001452993
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			HI

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-140929
		FILM NUMBER:		10761768

	BUSINESS ADDRESS:	
		STREET 1:		2660 WAIWAI LOOP
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96819
		BUSINESS PHONE:		808-833-4747

	MAIL ADDRESS:	
		STREET 1:		2660 WAIWAI LOOP
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96819
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001452993</cik>
        <entityName>KSP EQUITIES 1 LLC</entityName>
        <issuerAddress>
            <street1>2660 WAIWAI LOOP</street1>
            <city>HONOLULU</city>
            <stateOrCountry>HI</stateOrCountry>
            <stateOrCountryDescription>HAWAII</stateOrCountryDescription>
            <zipCode>96819</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>808-833-4747</issuerPhoneNumber>
        <jurisdictionOfInc>HAWAII</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Darren</firstName>
                <middleName>T.</middleName>
                <lastName>Kimura</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2660 Waiwai Loop</street1>
                <city>Honolulu</city>
                <stateOrCountry>HI</stateOrCountry>
                <stateOrCountryDescription>HAWAII</stateOrCountryDescription>
                <zipCode>96819</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Kimura is a Manager of the Issuer's Manager, KSP Management LLC</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001452993-10-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-12-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>2783</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Sennet Capital LLC</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>55 Merchant Street</street1>
                    <street2>Suite 1560</street2>
                    <city>Honolulu</city>
                    <stateOrCountry>HI</stateOrCountry>
                    <stateOrCountryDescription>HAWAII</stateOrCountryDescription>
                    <zipCode>96813</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>HI</state>
                    <description>HAWAII</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Bank of Hawaii</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>111 South King Street</street1>
                    <city>Honolulu</city>
                    <stateOrCountry>HI</stateOrCountry>
                    <stateOrCountryDescription>HAWAII</stateOrCountryDescription>
                    <zipCode>96813</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>HI</state>
                    <description>HAWAII</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Fallbrook Capital Securities Corp.</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6700 Fallbrook Avenue</street1>
                    <street2>Suite 111</street2>
                    <city>West Hills</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>91307</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>HI</state>
                    <description>HAWAII</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>21000000</totalOfferingAmount>
            <totalAmountSold>16579991</totalAmountSold>
            <totalRemaining>4420009</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>171</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>106404</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>KSP EQUITIES 1 LLC</issuerName>
                <signatureName>Darren T. Kimura</signatureName>
                <nameOfSigner>Darren T. Kimura</nameOfSigner>
                <signatureTitle>Manager</signatureTitle>
                <signatureDate>2010-04-21</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----