1439 Cedar Avenue Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90813
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 10,080 sqft
Price per Sqft $312
MLS Listing ID SB-25042843
Style Spanish
Year Built 1928
Lot Size 7,435 Sqft
Property Sub-Type Apartment
Property Description
This turnkey high yield 16 unit property is located in a dense rental demand area of Long Beach. There are 15 one bedroom units and 1 two bedroom unit in over 10,000 square feet of space, plus 4 garages and storage in rear. The high in-place cash flow with actual rents offers 9.9X gross at close, and 9.5X GRM at market rents. The property has been extensively renovated in recent years including exterior refresh, new windows, lighting, common area flooring, fencing, controlled access, and all units upgraded with vinyl flooring, new kitchens, bathrooms, paint, and lighting. The major systems include newer separately metered main electrical panel, full plumbing re-pipe in 2022, reinforced foundation, and a newer roof. The is a laundry room on the premises for additional income, and great potential for substantial upside through conversion of 4 garages and storage in rear structure to ADUs. The building is conveniently located in the Washington neighborhood directly across the street from Washington Middle School, which is currently undergoing a massive $176 Million reconstruction project. There is excellent transit access with only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. The property is also just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. Over 60% of household within 5 miles are renters with an average household income of over $94,000 (per Costar).
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4N
Interior
Interior Features 2 Staircases,High Ceilings
Heating Wall Furnace
Cooling None
Flooring Laminate
Fireplaces Type None
Laundry Common Area
Exterior
Parking Features Garage
Garage Spaces 4.0
Pool None
Community Features Urban
Utilities Available Sewer Connected,Water Connected,Electricity Connected,Natural Gas Connected
View Y/N No
View None
Building
Lot Description Rectangular Lot
Sewer Public Sewer