1439 Cedar Avenue,Long Beach, CA 90813
Long Beach, CA 90813
Description
This turnkey high yield 16 unit property is located in a dense rental demand area of Long Beach. There are 15 one bedroom units and 1 two bedroom unit in over 10,000 square feet of space, plus 4 garages and storage in rear. The high in-place cash flow with actual rents offers 9.9X gross at close, and 9.5X GRM at market rents. The property has been extensively renovated in recent years including exterior refresh, new windows, lighting, common area flooring, fencing, controlled access, and all units upgraded with vinyl flooring, new kitchens, bathrooms, paint, and lighting. The major systems include newer separately metered main electrical panel, full plumbing re-pipe in 2022, reinforced foundation, and a newer roof. The is a laundry room on the premises for additional income, and great potential for substantial upside through conversion of 4 garages and storage in rear structure to ADUs. The building is conveniently located in the Washington neighborhood directly across the street from Washington Middle School, which is currently undergoing a massive $176 Million reconstruction project. There is excellent transit access with only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. The property is also just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. Over 60% of household within 5 miles are renters with an average household income of over $94,000 (per Costar).
Details
| MLS# | SB25042843 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1928 |
| Days On Site | 55 |
| Listing Provided By | Buckingham Investments, Inc 310 982-7055 | Anthony Walker |
Features
| SQ Feet | 10,080 |
|---|---|
| Garage | 4 |
| Story(s) | 2 |
| Units | 16 |
| Building(s) | 2 |
| Zoning | LBR4N |
| Acreage | 0.17 |
| Property View | None |
Market Activity 90813
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Community Name | Washington |
| Listing VS Median (in Washington) | |
Price: $3,150,000 low | high Med: $3,150,000 SqFt: 10,080 low | high Med: 10,080 $ / SqFt: $313 low | high Med: $313 On site: 55 low | high Med: 55.000000 | |