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David Dodson

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

$ 2,800,000

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1242 Cedar AVE Long Beach, CA 90813

7,505 Sqft Lot

UPDATED:

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Downtown (Dt)

MLS Listing ID PW25124049

HOA Y/N No

Year Built 1960

Lot Size 7,505 Sqft

Property Sub-Type Apartment

Property Description

1242 Cedar Avenue is a 12-unit apartment asset located in Downtown Long Beach. The asset is priced at 5.70% cap rate and 11.38 GRM at current rents. The property is comprised of (9) 1 Bed/1Bath units and (3) 2 Bed/1 Bath units. Seven of the 12 units are fully renovated with new flooring and modern kitchens and baths featuring designer fixtures and finishes. The secured-access building has undergone key capital improvements, including new windows, fresh exterior paint, and upgraded electrical systems throughout. Additional income is generated from on-site parking and tenant- accessible laundry facilities. With a Walk Score of 89, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. The location is also within walking distance of the East Village Arts District, one of Long Beach's most vibrant and sought-after neighborhoods, known for its creative energy and strong rental demand. 1242 Cedar Avenue offers investors a well-maintained asset with upside in an infill location experiencing continued growth and revitalization.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBPD10

Interior

Fireplace No

Laundry Common Area

Exterior

Pool None

Community Features Sidewalks

Total Parking Spaces 5

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7272001006

Energy Description 1542.0

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

Listed by Robert Stepp • Keller Williams Realty Downey • 310-463-2916

David Dodson

Agent | License ID: 02083913

+1(909) 553-1538

David Dodson

1242 Cedar AVE Long Beach, CA 90813

Key Details

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Interior

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1242 Cedar AVE