Renovated 17-Unit Multifamily
338 Cedar Avenue, Long Beach, CA 90802
17-unit apartment asset in Downtown Long Beach
Property size:
10,153 SFLot size:
0.23 AcresPrice / SF:
$426/SF- Added:
- Jan 16, 2025
- Days on Market:
- 500
- Last Refresh:
- Mar 16 at 9:06 am
Property Features for 338 Cedar Avenue
General Information
- Standard status
- Active
- Property type
- Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
- Size
- 10,153 SF
- Elevators
- N/A
- Lot size
- 0.23 Acres
Building Details
- Stories
- 2
- Units
- 17
Listing agent Robert License #01456379 (310) 774-3740
Listing office Stepp Commercial (310) 774-3740
Listing date Jan 16, 2025
HighLights
- Priced at 10.98 GRM on Current Rents
- All Units Fully Renovated w/ In‑Unit Washer/Dryers
- Attractive Mix of 1BD, 2BD and 3BD Units
- Secured Access Building
- Prime Downtown Long Beach Location
- Steps Away from Metro Transportation
Overview
This 17-unit apartment building is located in Downtown Long Beach. The property has been fully renovated and features modern kitchens, baths, and in-unit laundry. The building encompasses 10,152 square feet and is situated on a lot of approximately 0.23 acres. The unit mix includes two three-bedroom units, five two-bedroom units, and ten one-bedroom units. Each unit features recessed lighting, new flooring, updated kitchens with new countertops, cabinetry, and stainless steel appliances, and stylish bathrooms with new vanities, tiling, and fixtures. In-unit washers and dryers are included in every unit. The building offers secured access. The location is near retail and dining options, and is a two-minute walk from the Metro A Blue Line Pacific Station. The property is near the $520 million, 22-acre Civic Center redevelopment project. It is offered at a 10.98 GRM based on current rental income.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $328.9k | $32.40 |
| − Vacancy | −$17.1k | −$1.68 |
| EGI | $311.8k | $30.72 |
| − OpEx | −$93.6k | −$9.21 |
| NOI | $218.3k | $21.50 |
10,153 SF · lease $32.40/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$3.12M
$2.73M – $3.64M
NOI $218,287 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$2.77M
$2.43M – $3.24M
NOI $194,153 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$5.44M
$4.76M – $6.34M
NOI $380,496 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Doughnut Plant
Bakery
Diamand Auto Transport
Car Dealership
Liam's Sliding Doors
General Contractor
Long Beach Emergency ...
Plumbing Service
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.194689
- Latitude
- 33.771261
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - 17-unit apartment asset in Downtown Long Beach
Where is this multifamily property located?
The property is located at 338 Cedar Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $4,325,000.
What are key features of this property?
This property features: Priced at 10.98 GRM on Current Rents; All Units Fully Renovated w/ In‑Unit Washer/Dryers; Attractive Mix of 1BD, 2BD and 3BD Units
