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David Dodson

[email protected] +1(909) 553-1538

$ 2,300,000

Est. payment -/mo

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1880 Cedar AVE Long Beach, CA 90806

7,358 SqFt

UPDATED:

10/02/2024 04:01 PM

Key Details

Property Type Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 7,358 sqft

Price per Sqft $312

Subdivision Wrigley Area (Wr)

MLS Listing ID PW24203525

HOA Y/N No

Year Built 1954

Lot Size 7,958 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, 5.32% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 6.85%. 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.

Location

State CA

County Los Angeles

Area 5 - Wrigley Area

Zoning LBR2N

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Heating Wall Furnace

Cooling None

Fireplaces Type None

Fireplace No

Laundry Common Area

Exterior

Garage Assigned

Garage Spaces 7.0

Garage Description 7.0

Pool None

Community Features Sidewalks

Parking Type Assigned

Total Parking Spaces 7

Private Pool No

Building

Lot Description Rectangular Lot

Story 2

Entry Level Two

Sewer Private Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7209022004

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Spencer Pabst • Pabst, Kinney & Associates • 562-884-6875

David Dodson

Agent | License ID: 02083913

+1(909) 553-1538

David Dodson

1880 Cedar AVE Long Beach, CA 90806

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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1880 Cedar AVE