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Levon Arzumanyan

levon.a@theagencyre.com +1(213) 414-8088

$ 2,195,000

Est. payment -/mo

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1425 Cedar AVE Long Beach, CA 90813

6,690 Sqft Lot

UPDATED:

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID PW25151840

HOA Y/N No

Year Built 1953

Lot Size 6,690 Sqft

Property Sub-Type Apartment

Property Description

1425 Cedar Avenue is a 10- unit apartment asset located in the Washington District of Long Beach. The value-add opportunity is priced at 10.57 GRM and 6% Cap Rate at current rents and 7.76 GRM and a 9.16% Cap Rate at market rents. In addition to the 32% of rental upside, a buyer has the ability to add four (4) studio ADU's to the back garages. ADU plans are ready to be submitted to the city of Long Beach for approval. After ADU construction, the GRM projects to be 6.06 with a Cap Rate above 11%. The current property is comprised of (8) 1 Bed/1Bath units and (2) 2 Bed/1 Bath units with some units lightly renovated with new flooring and updated kitchen and bathrooms. With a Walk Score of 84, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. Directly across the street is Washington Middle School, which is currently undergoing a massive $176 million reconstruction project that will further improve its vibrant neighborhood. 1425 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 699 - Not Defined

Zoning LBR4N

Interior

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 4.0

Garage Description 4.0

Pool None

Community Features Sidewalks

Total Parking Spaces 4

Private Pool No

Building

Lot Description 6-10 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 7269041021

Energy Description 2250.0

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

Levon Arzumanyan

Director, Estates Division | License ID: 01836944

+1(213) 414-8088

Levon Arzumanyan

1425 Cedar AVE Long Beach, CA 90813

Key Details

Location

Interior

Exterior

Building

Others

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1425 Cedar AVE