Property listed by Steven M. Bogoyevac, Broker, Steven Bogoyevac [email protected]
$2,100,000
1425 Cedar Avenue is a 10-unit apartment building in Long Beach, California surrounded by numerous major development projects. This offering is an excellent acquisition opportunity for any investor looking for an outstanding going-in cap rate (6.30%) and both immediate and long-term upside potential in a strong coastal rental market. Current… Read More rents offer 27 percent rental upside, and plans have been drafted to convert the existing four single-car garages to four one-bedroom ADU’s.
1425 Cedar Avenue consists of eight one-bed/one-bath units and two two-bed/one-bath units, all of which are separately metered for gas and electricity. Select units have been remodeled, and the property also offers income-generating on-site laundry.
This building is located directly across from the five-acre site of the $176 Million rebuild of Washington Middle School that is currently underway. Demonstrating further investment in the area, two new 10- and 36-unit condo projects have been completed nearby in the past few years, a 160-unit project is under construction a few blocks away, and on the opposite side of Washington Middle School, a residential care facility has plans for expansion to 60 beds.
Furthermore, 1425 Cedar is just down the block from 14th Street Park, around the corner from Seaside Park, a half-mile to the Anaheim Street Station of the Metro Blue Line, and conveniently near the 710 Freeway and Downtown Long Beach. This strong rental location provides consistent rental demand. Read Less
Listing Snapshot
Days Online
0
Last Updated
Property Type
MixedUse
Lot Size
0.15 Acres
Year Built
1953
MLS Number
PW25265523
Additional Details
Building
Built in 1953, 1 building, 2 stories, Entry level: 1, Entry location: 1
Community
Suburban
Expenses
Operating: $72,886
Garage
4 spaces
Income
Gross Income: $208,877, Gross ScheduledIncome: $208,877, Net Operating Income: $132,204
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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