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1217 Cedar Ave
For Sale $2,499,000 ($309.05 per Sq Ft)
$2,499,000 ($309.05 per Sq Ft)
- 14 Units
- 8,086 Sq Ft
- 7,135 Sq Ft
- Unknown Cap Rate
Description
PRICED TO SELL AT 9.7 GRM & 6.5% CAP WITH UPSIDE TO 6.8% CAP. 14 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.0%). The property is professionally managed and well maintained. EARN OVER 10% CASH ON CASH AGAINST IN-PLACE RENTS. Some units have updated kitchens, baths and flooring. The property also just received updated landscaping and paint. The building features and excellent unit mix for the area and is located blocks from $8BB worth of redevelopment in the Down Town Long Beach area. There is no onsite parking but there is onsite laundry. The electrical is Siemens - it's a 200 AMP main panel with 30 AMP subpanels (Buyer to verify). Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The City of Long Beach also just approved a $38MM makeover of the Long Beach Airport in preperation for the 2028 Olympics. Qualfied Buyers can get a new loan with as little as 25% down. 5.05% Fixed for 5 years, Interest Only.
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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 | $2,499,000 |
| Property Type | Multi-Family |
| Usable Sqft | 8,086 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1929 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7272001023 |
| MLS # | 26825645 |
| Property ID | 322856578 |
| Lot Sqft | 7,135 |
| Zoning | LBPD10 |
| Total Units | 14 |
| Days on Market | 29 |
| Original List Price | $2,499,000 |
| Date Updated | May 18, 2026 |
| Date Created | April 28, 2026 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $1,695 | $1,695 |
| Unit #2 | 0 | 1.00 | $1,495 | $1,495 |
| Gross Income (Yr) | $ 256,000 |
| Operating Expenses | $ 87,000 |
| Net Income (Yr) | $ 161,000 |
| Cap Rate | 6.50% |
Listing Provided By
Jonathan Swire an agent of . Lic #01336277
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