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Listed by Robert Stepp • Keller Williams Realty Downey
$2,490,000
Est. payment /mo
7,504 Sqft Lot
Price Dropped by $160K
1242 Cedar AVE Long Beach, CA 90813
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW25124049
Year Built 1960
Lot Size 7,504 Sqft
Source California Regional MLS
Property Description
1242 Cedar Avenue is a 12-unit apartment asset located in Downtown Long Beach. The asset is priced at 6.57% cap rate and 10.12 GRM at current rents. The property is comprised of (9) 1 Bed/1Bath units and (3) 2 Bed/1 Bath units. Seven of the 12 units are fully renovated with new flooring and modern kitchens and baths featuring designer fixtures and finishes. The secured-access building has undergone key capital improvements, including new windows, fresh exterior paint, and upgraded electrical systems throughout. Additional income is generated from on-site parking and tenant- accessible laundry facilities. With a Walk Score of 89, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. The location is also within walking distance of the East Village Arts District, one of Long Beach's most vibrant and sought-after neighborhoods, known for its creative energy and strong rental demand. 1242 Cedar Avenue offers investors a well-maintained asset with upside in an infill location experiencing continued growth and revitalization.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry Community Facility
Exterior
Garage Spaces 5.0
Pool None
Building
Water District - Public
Others
Tax ID 7272001006
Special Listing Condition Not Applicable
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