1019-1027 Cedar Avenue

1019-1027 Cedar Avenue, Long Beach, CA 90813

Sale Price

$6,750,000

Investment Overview

Units

26

Year Built

1961

Price Per SF

$434

Price Per Unit

$259,615

Current Cap Rate

4.79%

Market Cap Rate

5.31%

Current GRM

13.06

Market GRM

12.14

The Offering

1019-1027 Cedar Avenue is a 26-unit turn-key property in the up-and-coming Willmore City Historic District, just north of Downtown Long Beach. The property offers 22 one-bedroom/one-bath and 4 two-bedroom/one-bath units.

All units were extensively remodeled in the past two years with new custom kitchen cabinetry, quartz countertops, stainless steel appliances, new bathroom vanities, and modern lighting and fixtures throughout. Select units feature all vinyl plank flooring; others feature a mix of vinyl plank flooring and carpet.

The building also offers a community courtyard with BBQ and outdoor furniture, as well as on-site laundry facilities and 14 garages.

This property is in very close proximity to all of the exciting amenities and employment opportunities in Downtown Long Beach. The location is popular for commuters because it provides easy access to the 710 and 405 freeways as well as the Metro Blue Line which runs between Downtown Long Beach and Downtown Los Angeles, with 22 stops along the way.

1019-1027 Cedar Avenue offers an investor the opportunity to own a remodeled, turn-key asset in a growing area adjacent to booming Downtown Long Beach.

Investment Highlights

  • Turnkey Asset Near Downtown Long Beach
  • Mix of (22) 1BD/1BA + (4) 2BD/1BA Units
  • 14 Garages for Additional Income
  • Copper Plumbing
  • Railings Updated for Insurance Compliance
  • 4.79% Cap Rate at Current Rents