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1880 Cedar Avenue

Long Beach, CA 90806

$2,300,000

List Price

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bed Beds

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1954

calendar_month Built

Property Description

Located in the desirable Wrigley area of Long Beach, 1880 Cedar Ave. is a well-maintained 10 unit garden style apartment building comprised of (3) 2bd/1bth units, (6) 1bd/1bth units, (1) studio, and 7 single car garages. Originally built in 1954, and consisting of 7,358 rentable square feet on a large 7,957 square foot lot. The property is separately metered for gas and electricity, and features gated entry, vinyl pane windows, and community laundry. Priced attractively at $230,000 per unit, and $312.58 per SF, 5.32% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 6.85%. An attractive opportunity for a new owner! The property is in an excellent location in the South Wrigley neighborhood of Long Beach. Residents enjoy convenient access to everyday needs at Wrigley Market, an Albertsons anchored retail center located blocks from the property. Additionally, 1880 Cedar is just over 1.75 miles from the abundance of retail, dining, and entertainment options in Downtown Long Beach. It also benefits from its optimal location near Willow Street, Pacific Coast Highway, and 405 and 710 freeways, providing residents easy access to employment hubs throughout Southern California. The overall demand for well-located and maintained apartment building will be a key driver in the continued growth and success at 1880 Cedar Ave.

Listing Information

List Price $2,300,000
Status Active
MLS PW24203525
Type Residential Income
Subtype Mixed Use
Year Built 1954
Lot Size 7,957
Structure Size N/A
Courtesy Of Pabst, Kinney & Associates
Listing Agent Spencer Pabst DRE#01849377

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A
Fireplace Information
Features None
Cooling Type
Cooling Type None

Exterior Information

Maps

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Listing information courtesy of: Spencer Pabst, Pabst, Kinney & Associates . *Based on information from the Association of REALTORS/Multiple Listing as of Oct 2nd, 2024 at 4:01 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.