Sold
Property Details

Sold
Description

1495 Cedar Ave, Long Beach, CA

House Sold -

1495 Cedar Ave, Long Beach, CA

12.75X GRM on actual rents.
Great proximity to Downtown Long Beach, one mile North of new Civic Center redevelopment.
Directly across the street from Washington Middle School.
Clean, professionally managed building with no deferred maintenance
Many units for the price with 12 studio units and 2 one bedroom units.
Select units upgraded with renovated kitchens, granite countertops, new vinyl plank/hardwood floors, and remodeled bathrooms.
5 garages plus a laundry room for additional income
12% upside in rents plus an opportunity to cut expenses by separating electric and gas meters.
Dense rental market with low vacancy rate and strong income.

SOLD

UNITS: 14

VACANCY RATE: 5

ANNUAL INCOME

$152,963

ANNUAL NOI

$85,191

PRICE ANNUAL EXPENSE
$1,950,000 $60,233

Rental Cost Details

# OF UNITS # OF BEDROOMS # OF BATHS UNITS FURNISHED GARAGE ACTUAL RENT TOTAL RENT PRO FORMA
12 0 1 N $855 $10,265 $975
2 1 1 N $1150 $2300 $1200

Property Features
  • House