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Key Details
Sold Price $1,175,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID OC19016610
Sold Date 10/07/19
HOA Y/N No
Year Built 1915
Lot Size 7,405 Sqft
Acres 0.17
Property Description
The Cedar Avenue Apartments is a six-unit multi-family community located in the City of Long Beach. Located at 1044 Cedar Avenue, this investment presents a stable, low expense, turn-key opportunity with a 6.25% CAP Rate and 11.70% total return on current income.
The building is comprised of (1) large, four bedroom/ two bathroom house, (2) two bedroom/ one bathroom units, (2) one bedroom/ one bathroom units, and (1) large, 1,000 square foot two bedroom/ one bathroom non-conforming unit. The property also offers amenities including an on-site laundry facility, gated yard, and ample on-site parking. The plumbing and electrical has also recently been updated.
The City of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach Port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The Long Beach market has enjoyed strong rental growth and growing tenant demand over the past few years.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD10
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Driveway
Pool None
Community Features Storm Drain(s), Street Lights, Sidewalks
Parking Type Driveway
Private Pool No
Building
Lot Description Near Public Transit
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7272005028
Energy Description 425.0
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange, FHA, VA Loan
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange, FHA, VA Loan
Financing Cash
Special Listing Condition Standard
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Bought with Terry McCarty • Coldwell Banker Res Brokerage