Upgraded 11-Unit Apartment
For Sale
$2,499,999
1123 Cedar, Long Beach, CA 90813
Multifamily property with renovated building systems, detached garages, laundry facilities, and a varied one- and two-bedroom unit mix.
Property Size8,350 SF
Days on Market66
Property Features for 1123 Cedar
General Information
Standard status
Active
Size
8,350 SF
Property subtype
Mixed Use
Building Details
Building Size
8,350 SF
Year Built
1964
Listing Agency:
Keller Williams Realty Downey
Listed By:
Robert Stepp · License #01456379
(310) 774-3740
Source:
Velocityrealtysd
Added: Aug 18
Changed: Oct 17
Last Checked: Oct 21 at 3:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Downey
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Investment Insights
Based on property information with market context.
This 11-unit apartment property, built in 1964, includes five two-bedroom residences and six one-bedroom residences. Building improvements include updated plumbing, electrical wiring and panels, individual tankless water heaters, upgraded wall furnaces, and a recently sealed roof. On-site laundry and six detached garages provide additional property features, with existing garage income also reported.
The asset is located in the Willmore City Historic District, minutes from Downtown Long Beach and the 710 Freeway. Walk Score is 82, Bike Score is 76, and Transit Score is 60. The property is reported at a 6.44% current cap rate, with rents described as below nearby market comparables and additional rental upside identified through tenant turnover.
The asset is located in the Willmore City Historic District, minutes from Downtown Long Beach and the 710 Freeway. Walk Score is 82, Bike Score is 76, and Transit Score is 60. The property is reported at a 6.44% current cap rate, with rents described as below nearby market comparables and additional rental upside identified through tenant turnover.
Key Highlights
- 11‑unit apartment building with five two‑bedroom and six one‑bedroom units
- 1964 construction with updated plumbing, electrical wiring and panels
- Six detached garages plus on‑site laundry facilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$176,865
Cap Rate
7.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,537,300
$3.5M
Cap Rate 7%
$2,526,643
$2.5M
Cap Rate 9%
$1,965,167
$2.0M
Market Conditions
NOI Build-Up for 8,350 SF
Gross rent
$335.7K $40.20/SF
− Vacancy
−$14.1K −$1.69/SF
EGI
$321.6K $38.51/SF
− OpEx
−$144.7K −$17.33/SF
NOI
$176.9K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,537,300
Cap Rate 7%
$2,526,643
Cap Rate 9%
$1,965,167
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.21M – $2.95M
NOI $176,865 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.74M
$2.40M – $3.20M
NOI $191,923 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
2,854
Businesses Nearby
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Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with renovated building systems, detached garages, laundry facilities, and a varied one- and two-bedroom unit mix.
Where is this apartment building located?
The property is located at 1123 Cedar Long Beach, CA.
What is the asking price?
The asking price for this property is $2,499,999.
What are key features of this property?
This property features: 11‑unit apartment building with five two‑bedroom and six one‑bedroom units; 1964 construction with updated plumbing, electrical wiring and panels; Six detached garages plus on‑site laundry facilities
