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1924 Cedar Ave, 90804

Recently Closed!

I am happy to announce that my client just closed escrow on this beautiful Spanish style 8-Unit in the Wrigley neighborhood of Long Beach. The property features (4) 1bed/1bath units and (4) studios. There is also a laundry room with coin operated machines and 8 garages onsite which can be rented to produce extra income. Current rents are low (42% below market price) which gives the new owner the opportunity to reposition the building improving the cash flow and forcing some appreciation.

 

–  Cody Charnell

 

Unit                    Current                Market
1bd/1ba              $1450                   $1495
1bd/1ba              $600                     $1495
1bd/1ba              $1135                   $1495
1bd/1ba              $1050                   $1495
Studio                 $885                    $1195
Studio                 $905                    $1195
Studio                 $905                    $1195
Studio                 $905                    $1195
Garage (8)                                       $400    
Total                     $7835                  $11,160
Annual                 $94,020                $133,920

Current GRM: 15.45
Market GRM:  10.9

sold

UNITS: 8

GROSS RENT MULTIPLIER: 15.45

CAP RATE: 3.5

AGENT: Cody Charnell

PRICE

$1,453,000

ANNUAL INCOME

$94,020

ANNUAL NOI

$61,113

ANNUAL EXPENSE

$32,907

Rental Cost Details

# OF UNITS # OF BEDROOMS # OF BATHS ACTUAL RENT TOTAL RENT PRO FORMA TOTAL PRO FORMA
111$1,450$1,450$1,495$1,495
111$600$600$1,495$1,495
111$1,135$1,135$1,495$1,495
111$1,050$1,050$1,495$1,495
101$885$885$1,195$1,195
101$905$905$1,195$1,195
101$905$905$1,195$1,195
101$905$905$1,195$1,195
$0$0$400$0
TOTAL # OF UNITS TOTAL # OF BEDROOMS TOTAL # OF BATHS GRAND TOTAL RENT GRAND TOTAL PRO FORMA
848 $7,835 $10,760