833 CedarLong Beach, CA 90813

Description

9% cap rate! Beautiful craftsman bungalow with 2 units and 6 additional units available in downtown Long Beach just minutes to the beach! Discover an exceptional investment opportunity at 833 Cedar Avenue, a prominent 8-unit apartment building located in a prime area in Long Beach. This unique multi family property, just 5 minutes from the beach, boasts two buildings with a total of 6,494 square feet situated on a generous 7,506 square foot lot, offering significant rental income potential. Recent upgrades enhance this property's appeal, including 100% new plumbing installed three to four years ago and new vinyl windows throughout. The conversion to electric heaters means tenants now cover their own heating costs, as they pay for electricity. Strategically zoned LBPD10, this property benefits from one of Long Beach's most desirable and flexible planning districts, allowing for higher density development. This prime location provides residents with excellent access to downtown Long Beach amenities, shopping, dining, entertainment, and public transportation, and easy freeway access. With its robust unit count, considerable square footage (studios 655 sf), advantageous zoning, and recent improvements, 833 Cedar Avenue is an excellent acquisition for investors seeking a strong performing asset with potential for future upside in a dynamic Long Beach market.

Property Information

Property type

Residential Income

Sub-type

Apartment

Year built

1931

Stories

2

Building area

6,494 Sq Ft

Lot size

0.17 acres

Garage spaces

4

Parking spaces

4

Zoning

LBPD10

Days on market

146

MLS^® Listing#

PW26094892

Property Features

Heating

Electric · Natural Gas

Pool

None

Parking

On Street

Laundry

Common Area

Community

Curbs · Park · Street Lights · Sidewalks

Sewer

Public Sewer

Water source

Public

Financial Details

Annual taxes

$14,854Tax year 2024

Parcel number

7272014010

Directions

Cedar Ave north of 8th Street