1425 Cedar Avenue

Long Beach CA 90813

6691 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

1425 Cedar Avenue is a 10-unit apartment building located across the street from Washington Middle School, which is currently undergoing a massive $176 million reconstruction project. This value-add opportunity is priced at a 10.03 GRM and a 6.41% cap rate at current rents, with projected metrics of 7.41 GRM and 9.66% cap rate at market rents reflecting a 32% rental upside. ADU plans have been submitted to the City of Long Beach for approval, allowing a buyer to add four (4) one-bedroom units in the back garages. Upon ADU construction, the property is projected to achieve a 5.51 GRM with a 13.47% cap rate. The property currently consists of eight (8) 1-bed/1-bath units and two (2) 2-bed/1-bath units, with select units featuring new flooring and updated kitchens and bathrooms. With a Walk Score of 84, 1425 Cedar Avenue offers excellent tenant convenience near shops, restaurants, and entertainment venues. This well-maintained asset in an infill Long Beach location is experiencing continued growth and revitalization, providing investors with both immediate income and long-term upside.

Features

5 bedrooms

4 bathrooms

6691 sq. ft. lot size

Multi-Family

Property history for 1425 Cedar Avenue

2024

Sold

$1,682,500

08 Nov 2024 by Jeff Stearman, of Keller Williams OC Coastal Realty

2022

Rented

Undisclosed

08 Oct 2022 by El Camino Property Management Services

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