1242 Cedar Avenue is a 12-unit apartment asset located in Downtown Long Beach. The asset is priced at 5.70% cap rate and 11.38 GRM at current rents. The property is comprised of (9) 1 Bed/1Bath units and (3) 2 Bed/1 Bath units. Seven of the 12 units are fully renovated with new flooring and modern kitchens and baths featuring designer fixtures and finishes. The secured-access building has undergone key capital improvements, including new windows, fresh exterior paint, and upgraded electrical systems throughout. Additional income is generated from on-site parking and tenant- accessible laundry facilities. With a Walk Score of 89, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. The location is also within walking distance of the East Village Arts District, one of Long Beach’s most vibrant and sought-after neighborhoods, known for its creative energy and strong rental demand. 1242 Cedar Avenue offers investors a well-maintained asset with upside in an infill location experiencing continued growth and revitalization.
Property Details
Price:
$2,800,000
MLS #:
PW25124049
Status:
Active
Baths:
0
Address:
1242 Cedar Avenue
Type:
Residential Income
Subtype:
Apartment
Subdivision:
Downtown DT
Neighborhood:
4downtownareaalamitosbeach
City:
Long Beach
Listed Date:
Jun 3, 2025
State:
CA
ZIP:
90813
Lot Size:
7,504 sqft / 0.17 acres (approx)
Year Built:
1960
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Schools
Interior
Exterior
Community Features
Sidewalks
Garage Spaces
0.00
Lot Features
11-15 Units/ Acre
Parking Spots
5.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Map
Community
- Address1242 Cedar Avenue Long Beach CA
- Area4 – Downtown Area, Alamitos Beach
- SubdivisionDowntown (DT)
- CityLong Beach
- CountyLos Angeles
- Zip Code90813
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1242 Cedar Avenue
Long Beach, CA
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