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Listed by Robert Stepp • Keller Williams Realty Downey
$2,195,000
Est. payment /mo
6,222 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,222 sqft
Price per Sqft $352
MLS Listing ID CRPW25151840
HOA Y/N No
Year Built 1953
Lot Size 6,691 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
1425 Cedar Avenue is a 10- unit apartment asset located in the Washington District of Long Beach. The value-add opportunity is priced at 10.57 GRM and 6% Cap Rate at current rents and 7.76 GRM and a 9.16% Cap Rate at market rents. In addition to the 32% of rental upside, a buyer has the ability to add four (4) studio ADU’s to the back garages. ADU plans are ready to be submitted to the city of Long Beach for approval. After ADU construction, the GRM projects to be 6.06 with a Cap Rate above 11%. The current property is comprised of (8) 1 Bed/1Bath units and (2) 2 Bed/1 Bath units with some units lightly renovated with new flooring and updated kitchen and bathrooms. With a Walk Score of 84, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. Directly across the street is Washington Middle School, which is currently undergoing a massive $176 million reconstruction project that will further improve its vibrant neighborhood. 1425 Cedar Avenue offers investors a well-maintained asset with upside in an infill location experiencing continued growth and revitalization.
Location
State CA
County Los Angeles
Interior
Fireplace No
Laundry Other
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Deeana Owens
Broker | Owner | CA BRE#CA: 02015510, GA: 295613
Broker | Owner CA BRE#CA: 02015510, GA: 295613