Long Beach, CA 90802 285 Cerritos Avenue
$1,995,000
23 more
Presented By: Anthony Walker with Buckingham Investments, Inc; 310-561-4776
Beds • 9
Baths • 8
SQFT • 6,096
Year Built • 1921
Home Details
6.2% cap rate on actuals only 3 blocks to the beach! 10.6X GRM on actuals with a 9% upside to 9.7X GRM on market rents and 6.9% market cap rate.
Totally remodeled 8 unit (7+1 ADU) property consisting of two buildings with 4 units each and parking for 5 cars. Corner building consists of four large 900 square foot units with 2 bedroom floor plans upstairs and large 1 bedroom floor plans on ground level. Second building has a brand new 2025 construction 2 bed/1 bath ADU, two studios, and a large 1 bed/1 bath unit. All unit interiors remodeled since 2022, new electrical in 285 building, full paint and exterior refresh just completed. Great curb appeal on a large 8,546 square foot corner lot.
Ideal location in the heart of Alamitos Beach only 3 blocks to the sand. 2 blocks from Downtown Long Beach’s East Village Arts District with numerous restaurants, retail, and entertainment options. Over $8 Billion in new development in the immediate vicinity. 63% of households within 5 miles are renters with an average households income of $98,000+ (per CoStar research). Directly across the street from the Historic Ebell Club of Long Beach.
Presented By: Anthony Walker with Buckingham Investments, Inc; 310-561-4776
Interior Features for 285 Cerritos Avenue
Other Interior Features
Air Conditioning Y/NYes
Basement (Y/N)No
Common WallsTwoCommonWallsOrMore
Fireplace FeaturesNone
Fireplace Y/NNo
FlooringLaminate
Heating Y/NYes
Laundry FeaturesInside
Total Stories2
Other Rooms
Entry Level1
General for 285 Cerritos Avenue
Additional Parcels Y/NNo
AppliancesGasOven, GasRange
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate6.2
Carport Spaces0.0
Carport Y/NNo
CityLong Beach
Community FeaturesUrban
CoolingHeatPump
CountyLos Angeles
DirectionsNorth of Ocean, East of Alamitos
ElectricStandard, Volts220
Electric Expense589.0
Electric On Property Y/NNo
Entry Location1
Fuel Expense589.0
Garage Spaces0.0
Garage Y/NNo
Gross Income188220.0
HOANo
HOA Fee$0.0
HeatingWallFurnace
Home Warranty Y/NNo
Insurance Expense10668.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCashToNewLoan
Lot Size Square Feet8546.0
Lot Size UnitsSquareFeet
MLS Area4 - Downtown Area, Alamitos Beach
MaintenanceExpense6105.0
MobileHomeRemainsYNNo
Net Operating Income123155.0
New ConstructionNo
Number Of Units Total8
Open Parking Spaces5.0
Operating Expense55834.0
Pool FeaturesNone
Property Attached Y/NYes
Property Sub Type AdditionalApartment
Property SubtypeApartment
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Subdivision NameAlamitos Beach (AB)
Tax Lot9
Taxes$24,938
Tenant PaysElectricity
Trash Expense589.0
UtilitiesElectricityConnected, NaturalGasConnected, SewerConnected, WaterConnected
Water Sewer Expense590.0
Year Built1921
Year Built SourceAssessor
ZoningLBR3S
Exterior for 285 Cerritos Avenue
Building Area Total6096.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesRectangularLot
Lot Size Acres0.1962
Lot Size Area8546.0
Lot Size SourceAssessor
Number of Buildings2
Number of Separate Electric Meters8
Number of Separate Gas Meters4
Number of Separate Water Meters1
Open Parking Y/NNo
Parking FeaturesDrivewayLevel
Private PoolNo
SpaNo
Total Parking5.0
Water SourcePublic
WaterfrontY/NNo
Additional Details
Price History
Clayton Bond
Sales Associate
Price
$1,995,000
MLS#SB25096484
List Date
05/01/2025
Property Type
Multi-Family
Phone
(949) 290-7647
