1044 Cedar Avenue

    Long Beach, CA 90813
    • $1,275,000
    • STATUS: Active
    • ON SITE: 31 days
    • ID#: OC19016610
    UPDATED: 25 min ago
    $1,275,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,744
      SQFT
    • $269
      $/SQFT
    Type:
    Multi-Family
    Built:
    1915
    County:

    School Ratings & Info

    Description

    The Cedar Avenue Apartments is a six-unit multi-family community located in the City of Long Beach. Located at 1044 Cedar Avenue, this investment presents a stable, low expense, turn-key opportunity with a 5.74% CAP Rate and 8.16% total return on current income. The building is comprised of (1) large, four bedroom/ two bathroom house, (2) two bedroom/ one bathroom units, (2) one bedroom/ one bathroom units, and (1) large, 1,000 square foot two bedroom/ one bathroom non-conforming unit. The property also offers amenities including an on-site laundry facility, gated yard, and ample on-site parking. The plumbing and electrical has also recently been updated. The City of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach Port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The Long Beach market has enjoyed strong rental growth and growing tenant demand over the past few years.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-02-23T16:39:39.033. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.bestlahomefinder.com/homes/91111812

    1044 Cedar Avenue Long Beach, CA 90813

    • Price: $1,275,000
    • Status: Active
    • Updated: 25 min ago
    • ID#: OC19016610
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    4,744
    SQFT
    $269
    $/SQFT
    1915
    Built
    Neighborhood:
    4 - Downtown Area, Alamitos Beach
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    The Cedar Avenue Apartments is a six-unit multi-family community located in the City of Long Beach. Located at 1044 Cedar Avenue, this investment presents a stable, low expense, turn-key opportunity with a 5.74% CAP Rate and 8.16% total return on current income. The building is comprised of (1) large, four bedroom/ two bathroom house, (2) two bedroom/ one bathroom units, (2) one bedroom/ one bathroom units, and (1) large, 1,000 square foot two bedroom/ one bathroom non-conforming unit. The property also offers amenities including an on-site laundry facility, gated yard, and ample on-site parking. The plumbing and electrical has also recently been updated. The City of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach Port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The Long Beach market has enjoyed strong rental growth and growing tenant demand over the past few years.
    Exterior Features

    Garage Spaces 0.00 Lot Features Near Public Transit Lot Size Units Square Feet Parking Total 0.00 Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features Community

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Community Features SidewalksStorm DrainsStreet Lighting Country Us Electric Expense 425.00 Elevation Units Feet Fuel Expense 425.00 Gross Income 100200.00 Gross Scheduled Income 99000.00 Insurance Expense 1646.00 Land Lease YN No Laundry YN Yes Net Operating Income 73248.00 New Construction YN No New Taxes Expense 15300.00 Number Of Separate Electric Meters 6 Number Of Separate Gas Meters 6 Number Of Separate Water Meters 1 Operating Expense 23946.00 Other Income1 1200.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Actual Rent 8250.00 Total Expenses 23946.00 Trash Expense 425.00 Vacancy Allowance 3006 Vacancy Allowance Rate 3.00 Water Sewer Expense 425.00 Water Source Public Zoning Lbpd10

    Listing provided courtesy of Greg Bassirpou of Marcus & Millichap Re Invest


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-02-23T16:39:39.033. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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