Great income at 9% cap rate! Beautiful Craftsmen Available in Downtown Long Beach, minutes to the beach, Shoreline Village, and the Pike! Discover an exceptional investment opportunity at 833 Cedar Avenue, a prominent 8-unit apartment building located in the heart of Long Beach. This unique multifamily property, just 5 minutes… Read More from the beach, boasts two buildings with a total of 6,494 square feet situated on a generous 7,506 square foot lot, offering significant rental income potential. Recent upgrades enhance this property's appeal, including 100% new plumbing installed three to four years ago and new vinyl windows throughout. The conversion to electric heaters means tenants now cover their own heating costs, as they pay for electricity. Strategically zoned LBPD10, this property benefits from one of Long Beach's most desirable and flexible planning districts, allowing for higher density development. This prime location provides residents with excellent access to downtown Long Beach amenities, including diverse dining, entertainment, shopping, and public transportation options. With its robust unit count, considerable square footage, advantageous zoning, and recent improvements, 833 Cedar Avenue is an ideal acquisition for investors seeking a strong performing asset with potential for future upside in a dynamic Long Beach market. Read Less
Property listed by Keller Williams Pacific Estate, Denise Reesha 310-259-7556
Listing Snapshot
Days Online
2
Last Updated
Property Type
Apartment
Lot Size
0.17 Acres
Year Built
1931
MLS Number
PW26094892
Additional Details
Building
Built in 1931, 2 buildings, 2 stories, Entry level: 1, Entry location: 1
Community
Biking, Curbs, Park, StreetLights, Sidewalks, WaterSports
Expenses
Insurance: $6,500, Operating: $28,514, Other Expense: $1,800
Garage
4 spaces
Heating
Electric, NaturalGas
Income
Gross Income: $194,976, Gross ScheduledIncome: $194,976, Net Operating Income: $166,462
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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