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$ 2,895,000
Est. payment | /mo
3 Beds
2 Baths
7,435 Sqft Lot
$ 2,895,000
Est. payment | /mo
3 Beds
2 Baths
7,435 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26175498
Bedrooms 3
Lot Size 7,435 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
1439 Cedar Avenue is a 16-unit apartment building with substantial remodeling and improvements. This property boasts a 9.01X GRM and a 6.5% cap rate off actuals. While this property has the charm of the 1920's with its higher ceilings and arched architecture, many of the systems and units have been upgraded/improved. The main electrical panel was upgraded in the 1990s. All the hot and cold-water supply lines were replaced in 2021. Prior to current ownership, the mail drain line was replaced with ABS in the larger than average crawlspace and substantial improvements were made to the foundation. All the units feature vinyl plank and ceramic-type tile flooring. Some units have had kitchen remodels with newer cabinets and quartz countertops. Pretty good mix of open floor plans and units with large walk-in closets. There are stairs leading to the roof for easy access and maintenance. There is on-site laundry and 4 garage spots which are rented for additional income. This property is located directly across the street from Washington Middle School which is currently undergoing a $176 million reconstruction process. It is conveniently located close to the 710 freeway, downtown Long Beach, and city transportation. 1439 Cedar Avenue offers steady cash flow with limited capital expenditure risk in a dense rental market.
Location
State CA
County Los Angeles
Zoning Assessor
Direction West on Pacific off PCH. Right on 15th St. Left on Cedar Avenue
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7269041017
Acceptable Financing Conventional, Exchange
Listing Terms Conventional, Exchange
Listed by Todd Slatcher, DRE#01456645 Jamison Management Company
Co-listed byChristie Slatcher • Jamison Management Company
Co-listed byChristie Slatcher • Jamison Management Company
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