1217 Cedar Ave
Long Beach, CA 90813
Multifamily Property For Sale · 14 Units

1217 Cedar is a 14 unit, 2 story apartment complex located in the up and coming Drake Park neighborhood of Long Beach, California. With an attractive mix of 6 one-bedroom apartments and 8 studios, the property has been substantially improved by its current owner who has owned it for 5 years. During that time, the current owner has invested over $150,000 in capital expenditures in the building, doing major upgrades on 11 of the 14 units, and increasing the annual rent roll from under $100,000 in 2013 to over $150,000 currently. The building was constructed in 1923 and has a rentable area of approximately 6,500 SQ/FT and is built on a 7,050 SQ/FT lot, was just repainted, and is in turn-key condition. It has an on-site laundry with two washers and two dryers that enhances rentability and generates revenues. The units are individually metered for gas and electric. The property is being offered at a price of $2,200,000, which is an attractive 13.97 multiple of current gross rents (11.83 X on market rents) and a Cap Rate on current rents of 4.62% (5.82% on market rents).