Price Improvement! Located in the desirable Wrigley area of Long Beach, 1960 Cedar Ave. is a well-maintained 11 unit garden style apartment building comprised of (2) 3bd/1bth units, (6) 2bd/1bth units, (2) 1bd/1bth units, (1) studio, and 5 single car garages. Originally built in 1944, and consisting of 7,088 rentable square feet on a large 8,129 square foot lot. The property is separately metered for gas and electricity, and features gated entry, vinyl pane windows, and community laundry. Priced attractively at $218,182 per unit, and $338.60 per SF, 6.23% CAP RATE, 9.88x GRM on current rents, with room to increase rents. Realistic MARKET CAP RATE of 7.89%. An attractive opportunity for a new owner! The property is in an excellent location in the South Wrigley neighborhood of Long Beach. Residents enjoy convenient access to everyday needs at Wrigley Market, an Albertsons anchored retail center located blocks from the property. Additionally, 1880 Cedar is just over 1.75 miles from the abundance of retail, dining, and entertainment options in Downtown Long Beach. It also benefits from its optimal location near Willow Street, Pacific Coast Highway, and 405 and 710 freeways, providing residents easy access to employment hubs throughout Southern California. The overall demand for well-located and maintained apartment building will be a key driver in the continued growth and success at 1960 Cedar Ave. Can be purchased with the 10 units listed at 1880 Cedar Ave.!
Property Details
Price:
$2,400,000
MLS #:
PW24203754
Status:
Active
Baths:
0
Address:
1960 Cedar Avenue
Type:
Residential Income
Subtype:
Commercial/Residential
Subdivision:
Wrigley Area WR
Neighborhood:
5wrigleyarea
City:
Long Beach
Listed Date:
Oct 1, 2024
State:
CA
ZIP:
90806
Lot Size:
8,129 sqft / 0.19 acres (approx)
Year Built:
1944
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Schools
Interior
Cooling
None
Fireplace Features
None
Heating
Wall Furnace
Exterior
Community Features
Sidewalks
Garage Spaces
5.00
Lot Features
Rectangular Lot
Parking Features
Assigned
Parking Spots
5.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Map
Community
- Address1960 Cedar Avenue Long Beach CA
- Area5 – Wrigley Area
- SubdivisionWrigley Area (WR)
- CityLong Beach
- CountyLos Angeles
- Zip Code90806
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1960 Cedar Avenue
Long Beach, CA
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