1720 Cerritos Ave Long Beach, CA 90813
- Apartment buildings
- 6,074 SF
- 0.12 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1720 Cerritos Ave
- Year built
- 1963
- Construction
- WOOD
- Lot size
- 0.12 lot acres
- Property size
- 6,074 SF
- Zone code
- LBR3S
- Property type
- Apartment buildings
- APN
- 7268-027-025
- APU
- 7268027025
Description
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.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,280,000
- ML approach
- $1,285,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,660,000
Market price range: $965k - $1.95M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $1,470,000 Current use
- AUTO REPAIR, GARAGE
- $1,920,000 Change: +31% Conversion: Difficult
- INDUSTRIAL (GENERAL)
- $1,515,000 Change: +3% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.177
- Latitude
- 33.7885
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
