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1217 Cedar Ave

Long Beach CA 90813

6
14
8086 sq. ft.
7135 sq. ft.
Other
Currently for sale - view listing

Overview

PRICED TO SELL AT 9.6 GRM & 6.6% CAP WITH UPSIDE TO 6.9% CAP. 14 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7%). The property is professionally managed and well maintained. EARN OVER 9% CASH ON CASH AGAINST IN-PLACE RENTS. Some units have updated kitchens, baths and flooring. The property also just received updated landscaping and paint. The building features and excellent unit mix for the area and is located blocks from $8BB worth of redevelopment in the Down Town Long Beach area. There is no onsite parking but there is onsite laundry. The electrical is Siemens - it's a 200 AMP main panel with 30 AMP subpanels (Buyer to verify). Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The City of Long Beach also just approved a $38MM makeover of the Long Beach Airport in preperation for the 2028 Olympics. Qualfied Buyers can get a new loan with as little as 25% down. 5.40% Fixed for 5 years, Interest Only.

Features

6 bedrooms
14 bathrooms
8086 sq. ft. floor area
7135 sq. ft. lot size
Other

Property history for 1217 Cedar Ave

2021
Sold
$2,585,000
16 Jul 2021 by David Goodwin, of On The Move Realty LLC
2018
Sold
Undisclosed
15 Aug 2018 by David Goodwin, of Scott F. Burns, Broker

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