1035 Cedar Avenue
1035 Cedar Avenue, Long Beach, CA 90813
Sale Price
$1,300,000
Investment Overview
Units
6
Year Built
1935
Price Per SF
$314
Price Per Unit
$185,714
Current Cap Rate
3.18%
Market Cap Rate
6.40%
Current GRM
13.85
Market GRM
9.25
The Offering
1035 Cedar Avenue is a 6 +1 non-conforming unit investment asset located in the up-and-coming Willmore Historic District.
The property consists of a variety of unit types, including (1) 3 BD/2 BA, (1) 2 BD/1 BA, (2) 1 BD/1 BA, (1) studio, and (1) bachelor (no kitchen) unit. There is onsite laundry providing current income, as well two garages on the property and a driveway with tandem-parking potential.
One of the garages provides the opportunity for a 1 BD / 1 BA ADU conversion that would increase rental income by $19,200 annually. Additional increased income potential can be achieved by converting the building to separate meters.
The property is conveniently located adjacent to the many employment opportunities and modern conveniences of Downtown Long Beach. The location is also favorable to commuters with easy access to the 710 and 405 freeways as well as the Metro Blue Line, which runs from Long Beach to Downtown Los Angeles.
This is an excellent opportunity for an investor to get into a neighborhood that is quickly gentrifying.
Investment Highlights
- Desirable Mix of Studios, 1 BD, 2 BD, 3 BD Units
- Significant Rental Upside Potential (±47%)
- One Large Garage Provides the Opportunity for Buyer to Increase Gross Income by $19,200 with the Addition of an ADU (Buyer to Verify)
- Possibility to Increase NOI by Converting Building to Separate Meters
- Up & Coming Willmore City Historic District Location; Close Proximity to Downtown Long Beach