$2,300,000
1880 Cedar Avenue
Long Beach, CA, 90806
Property Description
Located in the desirable Wrigley area of Long Beach, 1880 Cedar Ave. is a well-maintained 10 unit garden style apartment building comprised of (3) 2bd/1bth units, (6) 1bd/1bth units, (1) studio, and 7 single car garages. Originally built in 1954, and consisting of 7,358 rentable square feet on a large 7,957 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 $230,000 per unit, and $312.58 per SF, 5.55% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 6.83%. 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 1880 Cedar Ave.
Property Details
Price:
$2,300,000
MLS #:
PW24203525
Status:
Active
Baths:
0
Address:
1880 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:
7,957 sqft / 0.18 acres (approx)
Year Built:
1954
Schools
Interior
Cooling
None
Fireplace Features
None
Heating
Wall Furnace
Exterior
Community Features
Sidewalks
Garage Spaces
7.00
Lot Features
Rectangular Lot
Parking Features
Assigned
Parking Spots
7.00
Pool Features
None
Sewer
Private Sewer
Stories Total
2
Water Source
Public
Financial
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Courtesy of Pabst, Kinney & Associates. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Mohr Real Estate Group include the name of the listing broker. Neither the listing company nor Mohr Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
1880 Cedar Avenue
Long Beach, CA
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