1880 Cedar Ave
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1880 Cedar Ave
10 Unit Block of Flats £1,843,450 (£184,345/Unit) 5.55% Net Initial Yield Long Beach, CA 90806
Executive Summary
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 a key driver in the continued growth and success at 1880 Cedar Ave.
Property Facts
| Price | £1,843,450 | Apartment Style | Low Rise |
| Price Per Unit | £184,345 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Net Initial Yield | 5.55% | Building Size | 7,358 SF |
| Gross Rent Multiplier | 11.34 | Number of Floors | 2 |
| No. Units | 10 | Year Built | 1954 |
| Property Type | Residential | Parking Ratio | 0.95/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | £1,843,450 |
| Price Per Unit | £184,345 |
| Sale Type | Investment |
| Net Initial Yield | 5.55% |
| Gross Rent Multiplier | 11.34 |
| No. Units | 10 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 7,358 SF |
| Number of Floors | 2 |
| Year Built | 1954 |
| Parking Ratio | 0.95/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Balcony
- Storage Space
- Kitchen
- Patio
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Public Transportation
- Individual Locking Bedrooms
- Private Bathroom
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 500 |
| 1+1 | 6 | - | 693 |
| 2+1 | 3 | - | 900 |
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Walk Score ®
Very Walkable (85)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 7209-022-004 | Improvements Assessment | £404,757 |
| Land Assessment | £404,757 | Total Assessment | £809,513 |
PROPERTY TAXES
Parcel Number
7209-022-004
Land Assessment
£404,757
Improvements Assessment
£404,757
Total Assessment
£809,513
zoning
| Zoning Code | R2N |
| R2N |
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1880 Cedar Ave
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