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$ 2,219,000
Est. payment /mo
Price Dropped by $30K
1217 Cedar AVE Long Beach, CA 90813
6 Beds
14 Baths
8,086 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 8,086 sqft
Price per Sqft $274
MLS Listing ID 26825645
Bedrooms 6
HOA Y/N No
Year Built 1929
Lot Size 7,135 Sqft
Property Description
BIG PRICE REDUCTION - PRICED TO SELL AT 8.6 GRM & 7.6% CAP WITH UPSIDE TO 8.0% CAP. Earn over an 11% cash on cash return against in place rents. 14 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7%). The property is professionally managed and well maintained. Some units have updated kitchens, baths and flooring. The property also just received updated landscaping and paint. The building features and excellent unit mix for the area and is located blocks from $8BB worth of redevelopment in the Down Town Long Beach area. There is no onsite parking but there is onsite laundry. The electrical is Siemens - it's a 200 AMP main panel with 30 AMP subpanels (Buyer to verify). Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The City of Long Beach also just approved a $38MM makeover of the Long Beach Airport in preperation for the 2028 Olympics. Qualfied Buyers can get a new loan at 6.1% Fixed for 5 years, Interest Only with 30% down.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD10
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Parking Features None
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7272001023
Special Listing Condition Standard
Listed by Jonathan Swire The Agency #01336277