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(833) HOME-661
Home661
1425 Cedar, Long Beach, CA 90813
- $1,995,000
- List Price
- $1,995,000
- Status
- ACTIVE
- MLS#
- SB26242091
- Year Built
- 1953
- Lot Size
- 6,691
- Acres
- 0.15
- Lot Location
- Rectangular Lot
- Days on Market
- 1
- Property Type
- Multifamily
- Property Sub Type
- Apartment
- Stories
- Two Levels
- Neighborhood
- Washington
Property Description
Amazing 7.4% in-place yield plus a 10% upside to an 8.4% cap rate at market! 1953-built, 10-unit property in a dense, high-demand rental area of Long Beach. 8.9X GRM on current rents and 8.1X GRM at market for postwar units under $200K/door. Strong unit mix: (8) 1 bed / 1 bath and (2) 2 bed / 1 bath units. 4 of 10 units just remodeled with new flooring, lighting, kitchens and bathrooms. Community laundry room plus 4 garages for added income or ADU conversion potential. All units separately metered for gas and electricity. Directly across from Washington Middle School, currently undergoing a $176 million reconstruction. Just a few blocks to the Metro Blue Line rail station, PCH and the 710 Freeway. Over 60% of households within 5 miles are renters with an average household income of over $94,000 (Costar).
Additional Information
- Appliances
- Gas Range
- Pool Description
- None
- Heat
- Wall Furnace
- Cooling Description
- None
- View
- None
- Exterior Construction
- Stucco
- Roof
- Flat
- Garage Spaces Total
- 4
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 10
- Gross Scheduled Income
- $217,932
- Operating Expense
- 68079
Listing courtesy of Listing Agent: Anthony Walker (Anthony.walker@buckinghaminvestments.com) from Listing Office: Buckingham Investments, Inc.
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.