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1880 Cedar Ave
For Sale $2,300,000
$2,300,000
- 10 Units
- Unknown Sq Ft
- 7,957 Sq Ft
- Unknown Cap Rate
Description
Located in the desirable Wrigley area of Long Beach, 1880 Cedar Ave. is a well-maintained 10 unit garden style apartment building comprised of (3) 2bd/1bth units, (6) 1bd/1bth units, (1) studio, and 7 single car garages. Originally built in 1954, and consisting of 7,358 rentable square feet on a large 7,957 square foot lot. The property is separately metered for gas and electricity, and features gated entry, vinyl pane windows, and community laundry. Priced attractively at $230,000 per unit, and $312.58 per SF, 5.32% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 6.85%. An attractive opportunity for a new owner! The property is in an excellent location in the South Wrigley neighborhood of Long Beach. Residents enjoy convenient access to everyday needs at Wrigley Market, an Albertsons anchored retail center located blocks from the property. Additionally, 1880 Cedar is just over 1.75 miles from the abundance of retail, dining, and entertainment options in Downtown Long Beach. It also benefits from its optimal location near Willow Street, Pacific Coast Highway, and 405 and 710 freeways, providing residents easy access to employment hubs throughout Southern California. The overall demand for well-located and maintained apartment building will be a key driver in the continued growth and success at 1880 Cedar Ave.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $2,300,000 |
| Property Type | Flex Space |
| Usable Sqft | Unknown |
| Number of Stories | 2 stories |
| Parking Spots | 7 spots |
| Year Built | 1954 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7209022004 |
| MLS # | PW24203525 |
| Property ID | 292028484 |
| Lot Sqft | 7,957 |
| Zoning | LBR2N |
| Total Units | 10 |
| Days on Market | 17 |
| Original List Price | $2,300,000 |
| Date Updated | October 02, 2024 |
| Date Created | October 01, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | $16,855 | $0 |
| Net Income (Yr) | $ 202,260 |
Listing Provided By
Spencer Pabst an agent of . Lic #01849377
© 2024 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of October 02, 2024 The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Robert Crawford
REAL ESTATE AGENT