285-295 Cerritos Avenue

285-295 Cerritos Avenue, Long Beach, CA 90802

Sale Price

$1,950,000

Investment Overview

Units

7

Year Built

1919

Price Per SF

$351

Price Per Unit

$278,571

Current Cap Rate

3.51%

Market Cap Rate

4.81%

Current GRM

16.36

Market GRM

13.24

The Offering

285-295 Cerritos Avenue is a 7-unit investment asset well-located in the highly desirable Alamitos Beach neighborhood of Long Beach, just a short walk to the beach and Bluff Park, and in close proximity to East Village Arts District and 4th Street/Retro Row.

The property is comprised of sizable units with a favorable mix of (4) 1 BD/1BA + Den, (1) Studio + Den and (2) Studio. This 1920’s property features vintage hardwood floors with period built-ins and detailing. Onsite laundry and garages provide additional income. Off-street surface parking is available for up to six cars.

The property is in close proximity to the hip boutiques, restaurants and bars along Fourth Street/Retro Row and along the Broadway Corridor. The neighborhood is also adjacent to East Village Arts District, Downtown Long Beach and a myriad of employment opportunities. According to Niche.com, Alamitos Beach ranks as the number three of 47 Best Neighborhoods for Young Professionals. Rents in this submarket are 19% higher than other Long Beach submarkets, on average and vacancy rates are historically low.

285-295 Cerritos Avenue has 23% upside potential in income and six of the seven units are on month-to-month terms.

Investment Highlights

  • 6 of 7 Units are Month-to-Month
  • 23% Upside in Income
  • Prime Alamitos Beach Location, Short Walk to the Beach and Bluff Park
  • Close Proximity to East Village Arts District and Retro Row
  • Ample Surface Parking Off-Street
  • Vintage Hardwood Floors, Period Built-Ins and Fixtures
  • Copper Plumbing
  • Onsite Laundry and Garages Provide Additional Income