Long Beach, CA 90813 1439 Cedar Avenue
$3,150,000
27 more
Presented By: Anthony Walker with Buckingham Investments, Inc; 310-561-4776
Beds • 17
Baths • 2
SQFT • 10,080
Garage • 4
Year Built • 1928
Home Details
This turnkey high yield 16 unit property is located in a dense rental demand area of Long Beach. There are 15 one bedroom units and 1 two bedroom unit in over 10,000 square feet of space, plus 4 garages and storage in rear. The high in-place cash flow with actual rents offers 9.9X gross at close, and 9.5X GRM at market rents. The property has been extensively renovated in recent years including exterior refresh, new windows, lighting,
common area flooring, fencing, controlled access, and all units upgraded with vinyl flooring, new kitchens, bathrooms, paint, and lighting. The major systems include newer separately metered main electrical panel, full plumbing re-pipe in 2022, reinforced foundation, and a newer roof. The is a laundry room on the premises for additional income, and great potential for substantial upside through conversion of 4 garages and storage in rear
structure to ADUs.
The building is conveniently located in the Washington neighborhood directly across the street from Washington Middle School, which is currently undergoing a massive $176 Million reconstruction project. There is excellent transit access with only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. The property is also just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. Over 60% of household within 5 miles are renters with an average household income of over $94,000 (per Costar).
Presented By: Anthony Walker with Buckingham Investments, Inc; 310-561-4776
Interior Features for 1439 Cedar Avenue
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsTwoCommonWallsOrMore
Fireplace FeaturesNone
Fireplace Y/NNo
FlooringLaminate
Heating Y/NYes
Laundry FeaturesCommonArea
Total Stories2
Other Rooms
Entry Level1
General for 1439 Cedar Avenue
AccessibilityNone
Additional Parcels Y/NNo
AppliancesGasOven, GasRange
Architectural StyleSpanish
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate5.8
Carport Spaces0.0
Carport Y/NNo
CityLong Beach
Community FeaturesUrban
Construction MaterialsStucco
CoolingNone
CountyLos Angeles
DirectionsWest side of Cedar, 1.5 blocks North of Anaheim.
ElectricStandard
Electric Expense1390.0
Electric On Property Y/NNo
Entry Location1
Facing DirectionEast
Fuel Expense5503.0
Garage Spaces4.0
Garage Y/NYes
Gross Income317220.0
HOANo
HOA Fee$0.0
HeatingWallFurnace
Home Warranty Y/NNo
Insurance Expense17640.0
Interior FeaturesHighCeilings, MultipleStaircases
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCashToNewLoan
Lot Size Square Feet7435.0
Lot Size UnitsSquareFeet
MLS Area4 - Downtown Area, Alamitos Beach
MaintenanceExpense9600.0
MobileHomeRemainsYNNo
Net Operating Income182898.0
New ConstructionNo
Number Of Units Total16
Open Parking Spaces0.0
Operating Expense118794.0
Pool FeaturesNone
PossessionCloseOfEscrow
Property Attached Y/NYes
Property ConditionUpdatedRemodeled
Property Sub Type AdditionalApartment
Property SubtypeApartment
Property TypeResidentialIncome
Rent Control Y/NYes
RoofFlat
Senior Community Y/NNo
SewerPublicSewer
Spa FeaturesNone
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Subdivision NameWashington
Tax Lot16
Taxes$39,375
Tenant PaysElectricity
Trash Expense10950.0
UtilitiesElectricityConnected, NaturalGasConnected, SewerConnected, WaterConnected
ViewNone
Water Sewer Expense4620.0
Waterfront Y/NNo
Year Built1928
Year Built SourceAssessor
ZoningLBR4N
Exterior for 1439 Cedar Avenue
Building Area Total10080.0
Crops Included Y/NNo
FencingWroughtIron
Foundation DetailsRaised
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesRectangularLot
Lot Size Acres0.1707
Lot Size Area7435.0
Lot Size SourceAssessor
Number of Buildings2
Number of Separate Electric Meters17
Number of Separate Gas Meters1
Number of Separate Water Meters1
Open Parking Y/NNo
Parking FeaturesGarage
Private PoolNo
Road Frontage TypeCityStreet
Road Surface TypePaved
SpaNo
Total Parking4.0
Water SourcePublic
Additional Details
Price History
Keegan Cin
Team Lead
Price
$3,150,000
MLS#SB25042843
List Date
03/05/2025
Property Type
Multi-Family
Phone
(310) 963-5595
