1720 Cerritos Ave Long Beach, CA 90813

This exceptional Class A, 7-unit apartment building in Long Beach, CA, presents a compelling investment opportunity. Boasting 6,074 square feet of net rentable space across a 5,194 square foot lot, the property features a mix of six 2-bedroom, 1-bathroom units and one 3-bedroom, 1.5-bathroom unit. Each unit is meticulously remodeled with high-end finishes, including dishwashers, in-unit laundry, new flooring, updated kitchens, and fixtures, commanding higher-than-average rents. Currently showing a 6.62% cap rate and a $145,565 NOI, the pro-forma cap rate is projected at 8.58% and a pro-forma NOI of $188,706, reflecting significant upside potential. Recent upgrades include a new roof (within the last 3 years), new copper plumbing, and new electrical sub-panels in each unit (all completed within the last 5 years), minimizing maintenance needs. Two units are currently vacant, offering immediate potential for increased revenue. The property's prime location near major Long Beach developments, including the Long Beach Civic Center and the Queen Mary Island, further enhances its long-term value. The asking price is $2,200,000, translating to $362.20 per square foot and $314,285.71 per unit. The building's strong cash flow, low maintenance requirements, and strategic location make it an ideal investment for discerning buyers. The potential to add two studio apartments could further boost income by an estimated $3,500 per month. Built in 1963, this two-story building represents a rare opportunity to acquire a high-performing asset in a thriving market.