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Listed by Anthony P. Walker • Buckingham Investments, Inc
$2,375,000
Est. payment /mo
5,276 SqFt
Active
1495 Cedar Avenue Long Beach, CA 90813
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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