1242 Cedar Avenue is a 12-unit apartment asset located in Downtown Long Beach. The asset is priced at 6.57% cap rate and 10.12 GRM at current rents. The property is comprised of (9) 1 Bed/1Bath units and (3) 2 Bed/1 Bath units. Seven of the 12 units are fully renovated… Read More with new flooring and modern kitchens and baths featuring designer fixtures and finishes. The secured-access building has undergone key capital improvements, including new windows, fresh exterior paint, and upgraded electrical systems throughout. Additional income is generated from on-site parking and tenant- accessible laundry facilities. With a Walk Score of 89, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. The location is also within walking distance of the East Village Arts District, one of Long Beach’s most vibrant and sought-after neighborhoods, known for its creative energy and strong rental demand. 1242 Cedar Avenue offers investors a well-maintained asset with upside in an infill location experiencing continued growth and revitalization. Read Less
Listing Snapshot
Days Online
60
Last Updated
Property Type
Apartment
Lot Size
0.17 Acres
Year Built
1960
MLS Number
PW25124049
30 Days Snapshot Of 90813
$617k
+25%
(avg) sold price
4
-33%
homes sold
85
-46%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1960, Building area total: 7,166, Levels: Two, 2 stories, 1 building, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Sidewalks
Expenses
Electric expense: $1,543, Fuel expense: $1,542, Gardener expense: $1,200, Insurance expense: $9,000, Licenses expense: $1,200, Maintenance expense: $8,400, New taxes expense: $33,080, Operating expense: $74,940, Trash expense: $1,543, Water sewer expense: $1,543, Other expense: $3,600
Income
Gross income: $238,585, Net operating income: $163,645
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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