1880 Cedar Avenue, Long Beach, CA 90806

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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.


Interior Features

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

Listing Information

Address 1880 Cedar Avenue
City Long Beach
State CA
Zip 90806
County Los Angeles
Listing Agent Spencer Pabst DRE #01849377
Courtesy Of Pabst, Kinney & Associates
List Price $2,300,000
Status Active
Type Residential Income
Subtype Mixed Use
Structure Size N/A
Lot Size 7,957
Year Built 1954

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.