1425 CedarLong Beach, CA 90813

Description

Amazing 7.4% in-place yield plus a 10% upside to an 8.4% cap rate at market! 1953-built, 10-unit property in a dense, high-demand rental area of Long Beach. 8.9X GRM on current rents and 8.1X GRM at market for postwar units under $200K/door. Strong unit mix: (8) 1 bed / 1 bath and (2) 2 bed / 1 bath units. 4 of 10 units just remodeled with new flooring, lighting, kitchens and bathrooms. Community laundry room plus 4 garages for added income or ADU conversion potential. All units separately metered for gas and electricity. Directly across from Washington Middle School, currently undergoing a $176 million reconstruction. Just a few blocks to the Metro Blue Line rail station, PCH and the 710 Freeway. Over 60% of households within 5 miles are renters with an average household income of over $94,000 (Costar).

Property Information

Property type

Residential Income

Sub-type

Apartment

Year built

1953

Stories

2

Building area

6,222 Sq Ft

Lot size

0.15 acres

Garage spaces

4

Parking spaces

4

Days on market

4

MLS^® Listing#

SB26242091

Property Features

Appliances

Gas Range

Cooling

None

Heating

Wall Furnace

Flooring

Tile · Vinyl

Fireplace

None

Pool

None

Laundry

Common Area

Fencing

Wrought Iron

Lot features

Rectangular Lot

Construction

Stucco

Foundation

Raised

Roof

Flat

Utilities

Electricity Connected · Natural Gas Connected · Sewer Connected · Water Connected

Sewer

Public Sewer

Water source

Public

Financial Details

HOA

None

Parcel number

7269041021

Directions

West side of Cedar, North of Anaheim.