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Diego Magdaleno

diego@1visionproperties.com +1(714) 376-8652

$2,100,000

Est. payment - /mo

6,690 Sqft Lot

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UPDATED:

Key Details

Property Type Single Family Home, Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

MLS Listing ID PW25265523

HOA Y/N No

Year Built 1953

Lot Size 6,690 Sqft

Property Sub-Type Mixed Use

Property Description

1425 Cedar Avenue is a 10-unit apartment building in Long Beach, California surrounded by numerous major development projects. This offering is an excellent acquisition opportunity for any investor looking for an outstanding going-in cap rate (6.30%) and both immediate and long-term upside potential in a strong coastal rental market. Current rents offer 27 percent rental upside, and plans have been drafted to convert the existing four single-car garages to four one-bedroom ADU's.

1425 Cedar Avenue consists of eight one-bed/one-bath units and two two-bed/one-bath units, all of which are separately metered for gas and electricity. Select units have been remodeled, and the property also offers income-generating on-site laundry.

This building is located directly across from the five-acre site of the $176 Million rebuild of Washington Middle School that is currently underway. Demonstrating further investment in the area, two new 10- and 36-unit condo projects have been completed nearby in the past few years, a 160-unit project is under construction a few blocks away, and on the opposite side of Washington Middle School, a residential care facility has plans for expansion to 60 beds.

Furthermore, 1425 Cedar is just down the block from 14th Street Park, around the corner from Seaside Park, a half-mile to the Anaheim Street Station of the Metro Blue Line, and conveniently near the 710 Freeway and Downtown Long Beach. This strong rental location provides consistent rental demand.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Interior

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 4.0

Garage Description 4.0

Pool None

Community Features Suburban

Total Parking Spaces 4

Private Pool No

Building

Lot Description Rectangular Lot

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7269041021

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

Read Less Info

Listed by Steven Bogoyevac Steven M. Bogoyevac, Broker steve.bogoyevac@marcusmillichap.com

NEARBY SCHOOLS & PROPERTIES

SCHOOLSPROPERTIES

Elementary Schools 20

9

Los Cerritos Elementary School

Public | KG - 5
8

Signal Hill Elementary School

Public | KG - 5
8

Alvarado Elementary School

Public | KG - 5
7

Muir Academy

Public | KG - 8
7

Chavez Elementary School

Public | KG - 5
7

Birney Elementary School

Public | KG - 5
7

Lafayette Elementary School

Public | KG - 5
7

Robert Louis Stevenson Elementary School

Public | KG - 5
7

Longfellow Elementary School

Public | KG - 5
7

Lincoln Elementary School

Public | KG - 5
6

Garfield Elementary School

Public | KG - 5
6

Robinson K - 8 Academy

Public | KG - 8
6

Roosevelt Elementary School

Public | KG - 5
6

Mann Elementary School

Public | KG - 5
5

Elizabeth Beth Hudson K - 8 School

Public | KG - 8
5

Daniel Webster Elementary School

Public | KG - 5
5

Oropeza Elementary School

Public | KG - 5
5

Smith Elementary School

Public | KG - 5
5

Burbank Elementary School

Public | KG - 5
5

Nieto Herrera Elementary School

Public | KG - 5

Middle Schools 7

9

Intellectual Virtues Academy of Long Beach

Public | 6 - 8
7

Hughes Middle School

Public | 6 - 8
6

Franklin Classical Middle School

Public | 6 - 8
6

Jessie E. Nelson Academy

Public | 6 - 8
5

Stephens Middle School

Public | 6 - 8
5

Washington Middle School

Public | 6 - 8
0

Regency High School

Private | 7 - 12

High Schools 6

7

Renaissance High School for the Arts

Public | 9 - 12
6

Polytechnic High School

Public | 9 - 12
1

Cabrillo High School

Public | 9 - 12
0

Reid High School

Public | 11 - 12
0

Educational Partnership High School

Public | 9 - 12
0

St Anthony High School

Private | 9 - 12

School and business data provided by Attom Data.

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1425 Cedar Long Beach, CA 90813