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Listed by Steven Bogoyevac • Steven M. Bogoyevac, Broker
$ 2,100,000
Est. payment /mo
Active
1425 Cedar Long Beach, CA 90813
6,222 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,222 sqft
Price per Sqft $337
MLS Listing ID CRPW25265523
HOA Y/N No
Year Built 1953
Lot Size 6,691 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
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 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 Pa
Location
State CA
County Los Angeles
Interior
Fireplace No
Laundry Common Area
Building
Lot Description Other
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