Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

14

Building size

8,086 sqft

Lot size

7,135 sqft

Year built

1929

Stories

2

Heating

Wall Furnace

Cooling

None

Status

Active

Days on market

174

MLS #

242281588

About this property

BIG PRICE REDUCTION - PRICED TO SELL AT 8.7 GRM & 7.5% CAP WITH UPSIDE TO 7.9% CAP. Earn over a 10% cash on cash return against in place rents. 14 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7%). The property is professionally managed and well maintained. Some units have updated kitchens, baths and flooring. The property also just received updated landscaping and paint. The building features and excellent unit mix for the area and is located blocks from $8BB worth of redevelopment in the Down Town Long Beach area. There is no onsite parking but there is onsite laundry. The electrical is Siemens - it's a 200 AMP main panel with 30 AMP subpanels (Buyer to verify). Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The City of Long Beach also just approved a $38MM makeover of the Long Beach Airport in preperation for the 2028 Olympics. Qualfied Buyers can get a new loan at 6.1% Fixed for 5 years, Interest Only.

Location

1217 Cedar Avenue

Long Beach, Los Angeles, CA, 90813