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Listed by Anthony Walker • Buckingham Investments, Inc
$2,375,000
Est. payment /mo
7,419 Sqft Lot
New
1495 Cedar AVE Long Beach, CA 90813
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB25099702
Style Mediterranean
Originating Board California Regional MLS
Year Built 1923
Lot Size 7,419 Sqft
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
Rooms
Kitchen Oven Range - Gas, Oven - Gas
Interior
Heating Wall Furnace
Cooling None
Flooring Laminate
Laundry Laundry Area
Exterior
Parking Features Garage
Garage Spaces 5.0
Pool 31, None
View None
Roof Type Flat / Low Pitch
Building
Foundation Raised
Water District - Public
Architectural Style Mediterranean
Others
Tax ID 7269041008
Special Listing Condition Not Applicable
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