1495 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 5,276 sqft
Price per Sqft $450
MLS Listing ID SB-25099702
Style Mediterranean
Year Built 1923
Lot Size 7,419 Sqft
Property Sub-Type Apartment
Property Description
Super high yield 14-unit apartment opportunity at a 6.6% cap rate and 9.7X GRM on actual rents. At only $169k/door this property qualifies for 73% LTV purchase financing ($645K down) and will deliver an 8.9% cash on cash return at a 7% cap rate after only one rent increase. 12 studios and two 1BD/1BA units in 5,276 rentable square feet on a 7,419 square foot lot. Significant renovations and capital improvements done including new separately metered complete electrical system, foundation earthquake retrofit, and most interiors are remodeled. Community laundry room plus 5 garages for additional income or ADU potential. Convenient location in the Washington neighborhood directly across the street from Washington Middle School, currently undergoing a massive $176 million reconstruction project. Excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 billion. Over 60% of households within 5 miles are renters with an average household income of over $94,000 (CoStar). Walk Score 86/100.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4N
Interior
Interior Features Unfurnished
Heating Wall Furnace
Cooling None
Flooring Laminate
Fireplaces Type None
Laundry Common Area
Exterior
Parking Features Garage - Single Door,Garage Faces Rear
Garage Spaces 5.0
Pool None
Community Features Urban
View Y/N No
View None
Building
Lot Description Rectangular Lot
Sewer Public Sewer