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Located in the desirable Wrigley area of Long Beach, 1880 Cedar Ave. is a well-maintained 10 unit garden style apartment building comprised of (3) 2bd/1bth units, (6) 1bd/1bth units, (1) studio, and 7 single car garages. Originally built in 1954, and consisting of 7,358 rentable square feet on a large 7,957 square foot lot. The property is separately metered for gas and electricity, and features gated entry, vinyl pane windows, and community laundry. Priced attractively at $230,000 per unit, and $312.58 per SF, 5.55% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 6.83%. An attractive opportunity for a new owner! The property is in an excellent location in the South Wrigley neighborhood of Long Beach. Residents enjoy convenient access to everyday needs at Wrigley Market, an Albertsons anchored retail center located blocks from the property. Additionally, 1880 Cedar is just over 1.75 miles from the abundance of retail, dining, and entertainment options in Downtown Long Beach. It also benefits from its optimal location near Willow Street, Pacific Coast Highway, and 405 and 710 freeways, providing residents easy access to employment hubs throughout Southern California. The overall demand for well-located and maintained apartment building will be a key driver in the continued growth and success at 1880 Cedar Ave.
Property Type(s):
Residential Income
| Last Updated | 12/3/2024 | Tract | Wrigley Area (WR) |
|---|---|---|---|
| Year Built | 1954 | Community | Wrigley Area |
| Garage Spaces | 7.0 | County | Los Angeles |
Additional Details
| AIR | None |
|---|---|
| AREA | Wrigley Area |
| GARAGE | Assigned, Yes |
| HEAT | Wall Furnace |
| LOT | 7957 sq ft |
| LOT DESCRIPTION | Rectangular Lot |
| PARKING | Assigned |
| POOL DESCRIPTION | None |
| SEWER | Private Sewer |
| STORIES | 2 |
| SUBDIVISION | Wrigley Area (WR) |
| WATER | Public |
| ZONING | LBR2N |
Location
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Listed with Pabst, Kinney & Associates
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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