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1880 Cedar AVE Long Beach, CA 90806
7,957 Sqft Lot
UPDATED:
12/03/2024 10:32 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW24203525
Originating Board California Regional MLS
Year Built 1954
Lot Size 7,957 Sqft
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
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Interior
Heating Wall Furnace
Cooling None
Laundry Laundry Area
Exterior
Parking Features Assigned Spaces
Garage Spaces 7.0
Pool None
Building
Water District - Public
Others
Tax ID 7209022004
Special Listing Condition Not Applicable
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Listed by Spencer Pabst • Pabst, Kinney & Associates