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Listed by Spencer Pabst • Pabst, Kinney & Associates
$ 2,600,000
Est. payment /mo
Active
1960 Cedar Avenue Long Beach, CA 90806
7,088 SqFt
UPDATED:
12/13/2024 01:36 AM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 7,088 sqft
Price per Sqft $366
Subdivision Wrigley Area
MLS Listing ID PW-24203754
Year Built 1944
Lot Size 8,129 Sqft
Property Description
Located in the desirable Wrigley area of Long Beach, 1960 Cedar Ave. is a well-maintained 11 unit garden style apartment building comprised of (2) 3bd/1bth units, (6) 2bd/1bth units, (2) 1bd/1bth units, (1) studio, and 5 single car garages. Originally built in 1944, and consisting of 7,088 rentable square feet on a large 8,129 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 $236,365 per unit, and $366.82 per SF, 5.61% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 7.10%. 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 1960 Cedar Ave. Can be purchased with the 10 units listed at 1880 Cedar Ave.!
Location
State CA
County Los Angeles
Zoning LBR2N
Interior
Heating Wall Furnace
Cooling None
Fireplaces Type None
Laundry Common Area
Exterior
Parking Features Assigned
Garage Spaces 5.0
Pool None
Community Features Sidewalks
Building
Lot Description Rectangular Lot
Sewer Public Sewer