1880 Cedar AVE Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90806
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active Under Contract
Purchase Type For Sale
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, 5.55% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 6.83%. 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
Interior
Heating Wall Furnace
Cooling None
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Parking Features Assigned
Garage Spaces 7.0
Garage Description 7.0
Pool None
Community Features Sidewalks
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