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$ 2,250,000
Est. payment /mo
Pending
1495 Cedar Avenue Long Beach, CA 90813
4 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Pending
Purchase Type For Sale
MLS Listing ID SB25099702
Property Sub-Type Res Income 2-4 Units
Property Description
Just reduced! Super high yield 14-unit apartment opportunity at a 7% cap rate and 9.2X GRM on actual rents. At only $160k/door this property qualifies for 75% LTV purchase financing ($562K down) and will deliver an 11% cash on cash return at a 7.5% 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
Zoning Assessor
Direction North of Anaheim, West of Long Beach Blvd
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 7269041008
Listed by Anthony Walker Buckingham Investments, Inc
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