Homes for sale - 1960 Cedar AVE, Long Beach, CA 90806

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JLee Broker

[email protected] +1(650) 857-1000

Listed by Spencer Pabst • Pabst, Kinney & Associates

$2,400,000

Est. payment - /mo

8,129 Sqft Lot

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UPDATED:

Key Details

Property Type Commercial

Listing Status Contingent

Purchase Type For Sale

MLS Listing ID CRPW24203754

Originating Board California Regional MLS

Year Built 1944

Lot Size 8,129 Sqft

Property Description

Price Improvement! 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 $218,182 per unit, and $338.60 per SF, 6.23% CAP RATE, 9.88x GRM on current rents, with room to increase rents. Realistic MARKET CAP RATE of 7.89%. 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-

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 5.0

Pool None

Building

Water District - Public

Others

Tax ID 7209023011

Special Listing Condition Not Applicable , Accepting Backups

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JLee Broker

+1(650) 857-1000

Broker | License ID: 00851314

Broker License ID: 00851314

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1960 Cedar AVE Long Beach, CA 90806

JLee Broker

Key Details

Location

Interior

Exterior

Building

Others

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