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11 photos
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$2,400,000
Est. payment /mo
7,088 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 7,088 sqft
Price per Sqft $338
MLS Listing ID CRPW24203754
HOA Y/N No
Year Built 1944
Lot Size 8,129 Sqft
Acres 0.19
Property Sub-Type Other
Property Description
Price Improvement! Located in the desirable Wrigley area of Long Beach, 1960 Cedar Ave. is a well-maintained 11 unit garden style apartment building comprised of (2) 3bd/1bth units, (6) 2bd/1bth units, (2) 1bd/1bth units, (1) studio, and 5 single car garages. Originally built in 1944, and consisting of 7,088 rentable square feet on a large 8,129 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 $218,182 per unit, and $338.60 per SF, 6.23% CAP RATE, 9.88x GRM on current rents, with room to increase rents. Realistic MARKET CAP RATE of 7.89%. 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-
Location
State CA
County Los Angeles
Zoning LBR2
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Laundry Other
Building
Lot Description Other
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 7209023011
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Listed by Spencer Pabst • Pabst, Kinney & Associates