1960 Cedar AVE Long Beach, CA 90806
Active
$2,600,000
11 Units
20 Beds
11 Baths
7,088 Area(sq.ft.)
8,129 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 2 | 1 | No | $ 1,960 | $ 1,960 | $ 2,195 |
| Unit 10 | 1 | 1 | 1 | No | $ 1,400 | $ 1,400 | $ 1,795 |
| Unit 11 | 1 | studio | 1 | No | $ 1,045 | $ 1,045 | $ 1,495 |
| Unit 2 | 1 | 2 | 1 | No | $ 2,145 | $ 2,145 | $ 2,195 |
| Unit 3 | 1 | 2 | 1 | No | $ 1,900 | $ 1,900 | $ 2,195 |
| Unit 4 | 1 | 3 | 1 | No | $ 1,970 | $ 1,970 | $ 2,675 |
| Unit 5 | 1 | 2 | 1 | No | $ 1,850 | $ 1,850 | $ 2,195 |
| Unit 6 | 1 | 2 | 1 | No | $ 1,940 | $ 1,940 | $ 2,195 |
| Unit 7 | 1 | 2 | 1 | No | $ 1,950 | $ 1,950 | $ 2,195 |
| Unit 8 | 1 | 3 | 1 | No | $ 2,400 | $ 2,400 | $ 2,675 |
| Unit 9 | 1 | 1 | 1 | No | $ 1,630 | $ 1,630 | $ 1,795 |
| 11 | 11 | 20 | 11 | $ 20,190 | $ 20,190 | $ 23,605 |
| MLS #: | PW24203754MR |
| Days On Market: | 58 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 367 |
| Price per unit: | $ 236,364 |
| Year Built: | 1944 |
Property Details
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 $236,365 per unit, and $366.82 per SF, 5.61% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 7.10%. 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 1960 Cedar Ave. Can be purchased with the 10 units listed at 1880 Cedar Ave.!Interested in this Listing?
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Income Details
| Rent Control: | False |
| Gross Operating Income: | $ 242,280 |
| Total Annual Expense: | $ 0 |
| Net Operating Income: | $ 242,280 |
| Actual Gross Rent: | $ 20,190 |
Structure
| Community Features: | Sidewalks |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | LBR2N |
| Land Lease Type: | Fee |
| Parking Garage: | Assigned |
Interior
| AC/Cooling: | None |
| Heating: | Wall |
| Fireplace Rooms: | None |
| Laundry: | Laundry Area |
Exterior
| Pool: | No |
Detailed Map
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