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1439 Cedar Ave
For Sale $3,150,000
$3,150,000
- Unknown Bedrooms
- Unknown Bathrooms
- Unknown Sq Ft
- 7,435 Sq Ft
Description
This turnkey high yield 16 unit property is located in a dense rental demand area of Long Beach. There are 15 one bedroom units and 1 two bedroom unit in over 10,000 square feet of space, plus 4 garages and storage in rear. The high in-place cash flow with actual rents offers 9.9X gross at close, and 9.5X GRM at market rents. The property has been extensively renovated in recent years including exterior refresh, new windows, lighting,
common area flooring, fencing, controlled access, and all units upgraded with vinyl flooring, new kitchens, bathrooms, paint, and lighting. The major systems include newer separately metered main electrical panel, full plumbing re-pipe in 2022, reinforced foundation, and a newer roof. The is a laundry room on the premises for additional income, and great potential for substantial upside through conversion of 4 garages and storage in rear
structure to ADUs.
The building is conveniently located in the Washington neighborhood directly across the street from Washington Middle School, which is currently undergoing a massive $176 Million reconstruction project. There is excellent transit access with only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. The property is also just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. Over 60% of household within 5 miles are renters with an average household income of over $94,000 (per Costar).
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,150,000 |
| Property Type | Condo/Co-Op |
| Usable Sqft | Unknown |
| Number of Stories | 2 stories |
| Parking Spots | 4 spots |
| Year Built | 1928 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| HOA Fees: | $0 |
| Association Name: | Unknown |
| Association Amenities: | Unknown |
| APN # | 7269041017 |
| MLS # | SB25042843 |
| Property ID | 291536725 |
| Lot Sqft | 7,435 |
| Zoning | LBR4N |
| Total Units | 16 |
| Days on Market | 295 |
| Original List Price | $3,250,000 |
| Applicances | Gas Oven,Gas Range% |
| Date Updated | March 24, 2025 |
| Date Created | February 17, 2025 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $1,250 | $19,600 |
| Net Income (Yr) | $ 182,898 |
| Cap Rate | 5.8% |
Listing Provided By
Anthony Walker an agent of Buckingham Investments, Inc. Lic #01908153
© 2025 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of March 24, 2025 The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Robert Crawford
REAL ESTATE AGENT