1425 Cedar Avenue new

Long Beach,CA 90813

$ 2195000

- Bed

0 Bath

6222 SqFt


Key Details

Property Type Single Family Home

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 6,222 sqft

Price per Sqft $352

MLS Listing ID PW-25151840

Year Built 1953

Lot Size 6,691 Sqft

Property Sub-Type Apartment

Property Description

1425 Cedar Avenue is a 10- unit apartment asset located in the Washington District of Long Beach. The value-add opportunity is priced at 10.57 GRM and 6% Cap Rate at current rents and 7.76 GRM and a 9.16% Cap Rate at market rents. In addition to the 32% of rental upside, a buyer has the ability to add four (4) studio ADU's to the back garages. ADU plans are ready to be submitted to the city of Long Beach for approval. After ADU construction, the GRM projects to be 6.06 with a Cap Rate above 11%. The current property is comprised of (8) 1 Bed/1Bath units and (2) 2 Bed/1 Bath units with some units lightly renovated with new flooring and updated kitchen and bathrooms. With a Walk Score of 84, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. Directly across the street is Washington Middle School, which is currently undergoing a massive $176 million reconstruction project that will further improve its vibrant neighborhood. 1425 Cedar Avenue offers investors a well-maintained asset with upside in an infill location experiencing continued growth and revitalization.

Location

State CA

County Los Angeles

Zoning LBR4N

Interior

Laundry Common Area

Exterior

Parking Features Gated

Garage Spaces 4.0

Pool None

Community Features Sidewalks

Building

Lot Description 6-10 Units/Acre

Sewer Public Sewer

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