338 Cedar Avenue Long Beach, CA 90802

Property Details for 338 Cedar Avenue

Year built

1918

Construction

WOOD

Lot size

0.17 lot acres

Property size

10,164 SF

Zone code

LBPD30

Property type

Apartment buildings

APN

7280-015-006

APU

7280015006

Description

This exceptional 17-unit apartment building, located at 338 Cedar Avenue in the heart of Downtown Long Beach, California, presents a compelling investment opportunity. The property boasts 10,150 square feet on a 7,503 square foot lot and features a mix of unit sizes: two three-bedroom units, five two-bedroom units, and ten one-bedroom units. All 17 units have undergone a complete renovation, including new flooring, modern kitchens with stainless steel appliances and updated cabinetry, updated bathrooms with new vanities and fixtures, and in-unit washers and dryers. The building, constructed in 1918 and spanning two stories, offers secured access for residents. Its prime location places it within walking distance of numerous retail and dining establishments, the expansive $520 million Civic Center redevelopment project, and the Metro A Blue Line Pacific Station. The property's strong financial performance is highlighted by a current NOI of $252,704 and a pro-forma NOI of $282,173, translating to a current cap rate of 5.84% and a pro-forma cap rate of 6.52%. The asking price is $4,325,000, representing a price per unit of $254,411.76 and a current GRM of 10.98. The property's APN is 7280-015-006. This is a rare opportunity to acquire a fully renovated, well-located multifamily asset in a thriving downtown area.

Location Insight

City

Long Beach

County

Los Angeles

State

California

Longitude

-118.195

Latitude

33.7713

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments