1425 Cedar Avenue is a 10- unit apartment asset located in the Washington District of Long Beach. The value-add opportunity is priced at 10.57 GRM and 6% Cap Rate at current rents and 7.76 GRM and a 9.16% Cap Rate at market rents. In addition to the 32% of… Read More rental upside, a buyer has the ability to add four (4) studio ADU’s to the back garages. ADU plans are ready to be submitted to the city of Long Beach for approval. After ADU construction, the GRM projects to be 6.06 with a Cap Rate above 11%. The current property is comprised of (8) 1 Bed/1Bath units and (2) 2 Bed/1 Bath units with some units lightly renovated with new flooring and updated kitchen and bathrooms. With a Walk Score of 84, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. Directly across the street is Washington Middle School, which is currently undergoing a massive $176 million reconstruction project that will further improve its vibrant neighborhood. 1425 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
18
Last Updated
Property Type
Apartment
Lot Size
0.15 Acres
Year Built
1953
MLS Number
PW25151840
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 1953, Building area total: 6,222, Levels: Two, 2 stories, 2 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Sidewalks
Expenses
Electric expense: $2,250, Fuel expense: $2,250, Gardener expense: $1,200, Insurance expense: $10,000, Licenses expense: $1,000, Maintenance expense: $6,000, New taxes expense: $28,973, Operating expense: $69,641, Trash expense: $2,250, Water sewer expense: $2,250, Other expense: $2,500
Garage
4 spaces
Income
Gross income: $201,375, Net operating income: $131,734
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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