330 Cedar Avenue
330 Cedar Avenue, Long Beach, CA 90802
Sale Price
$6,200,000
Investment Overview
Units
25
Year Built
1915
Price Per Unit
$248,000
Current Cap Rate
4.23
Market Cap Rate
4.74
Current GRM
14.32
Market GRM
13.26
The Offering
330 Cedar Avenue is a historic three-story, 25-unit multifamily asset located in the West Gateway submarket of Downtown
Long Beach, within walking distance to a plethora of employment opportunities as well as Pine Avenue, The Pike and other local attractions.
The property is comprised of 20 studio units, four 1 BD / 1 BA units and one 3 BD / 1 BA unit. In addition to offering the charm and character of hardwood floors, wood built-ins and crown molding, fifteen of the units have been fully renovated in 2019/2020 with new tile and cabinets in kitchens and baths, granite countertops, modern faucets and lighting fixtures.
330 Cedar Avenue offers an investor the opportunity to own a sizable, well-maintained building in the heart of Downtown Long Beach.
Investment Highlights
- Attractive, sizable property in prime West Gateway
- Close to employment opportunities, dining and shopping – 94 Walkscore
- 15 units fully renovated in 2019/2020
- New roof and interior hallway carpeting
- 13.26 Market GRM