1217 Cedar Avenue, Long Beach, CA 90813
- $2,429,000
- 6
- BD
- 14
- BA
- 8,086
- SqFt
- List Price
- $2,429,000
- Price Change
- ▼ $10,000 1784585086
- Status
- ACTIVE
- MLS#
- 26825645
- Year Built
- 1929
- Bedrooms
- 6
- Bathrooms
- 14
- Living Sq. Ft
- 8,086
- Lot Size
- 7,135
- Acres
- 0.16
- Days on Market
- 90
- Property Type
- Multifamily
- Stories
- Multi Level
Property Description
PRICED TO SELL AT 9.4 GRM & 6.7% CAP WITH UPSIDE TO 7.1% 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 at 5.40% Fixed for 5 years, Interest Only.
/t.realgeeks.media/resize/300x/https://u.realgeeks.media/doug1%252FReal_Estate_Logo_Hello_HomeSmart.png){kind=logo}
Additional Information
- Heat
- Wall Furnace
- Cooling Description
- None
- Attached Structure
- Detached
- Number Of Units Total
- 14
Listing courtesy of Listing Agent: Jonathan Swire (jon@jonswire.com) from Listing Office: The Agency.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.