Log In/Sign Up
Your email has been sent.
2490 Cedar Ave 10 Unit Apartment Building $1,975,000 ($197,500/Unit) 5.31% Cap Rate Long Beach, CA 90806
Investment Highlights
- ±22% Rental Upside - Prime Value Add Opportunity
- Strong Mix of (6) 1BD/1BA & (4) Studio Units
- Walk Score 90 / Bike Score 80
- Separate Meters for Gas & Electricity
- Desirable Wrigley Neighborhood - Close Proximity to Amenities
- Excellent Transit Access - Willow St. Station within ~0.6 Miles
Executive Summary
2490 Cedar Avenue is a 10-unit multifamily investment opportunity located in the highly desirable Wrigley neighborhood of Long Beach. With in-place rents approximately 22% below current market levels, the property presents a compelling value-add opportunity and strong potential for rental income growth.
The well-balanced unit mix features six (6) one-bedroom/one-bath units and four (4) studio units, appealing to a range of renters and supporting long-term occupancy. Separate gas and electric meters provide an opportunity for utility passthrough, while onsite laundry facilities generate additional ancillary income.
Situated in the walkable and transit-friendly Wrigley submarket, the property boasts a 90 Walk Score and 80 Bike Score, offering residents easy access to neighborhood retail, dining, and daily conveniences. The Willow Street Metro Station is just 0.6 miles away, providing a direct connection to major employment hubs throughout the region.
The well-balanced unit mix features six (6) one-bedroom/one-bath units and four (4) studio units, appealing to a range of renters and supporting long-term occupancy. Separate gas and electric meters provide an opportunity for utility passthrough, while onsite laundry facilities generate additional ancillary income.
Situated in the walkable and transit-friendly Wrigley submarket, the property boasts a 90 Walk Score and 80 Bike Score, offering residents easy access to neighborhood retail, dining, and daily conveniences. The Willow Street Metro Station is just 0.6 miles away, providing a direct connection to major employment hubs throughout the region.
Property Facts
| Price | $1,975,000 | Property Subtype | Apartment |
| Price Per Unit | $197,500 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.31% | Lot Size | 0.15 AC |
| Gross Rent Multiplier | 11.23 | Building Size | 8,134 SF |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1947 |
| Zoning | LBR1N | ||
| Price | $1,975,000 |
| Price Per Unit | $197,500 |
| Sale Type | Investment |
| Cap Rate | 5.31% |
| Gross Rent Multiplier | 11.23 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 8,134 SF |
| No. Stories | 2 |
| Year Built | 1947 |
| Zoning | LBR1N |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
| Studios | 4 | - | - |
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (80)
Property Taxes
| Parcel Number | 7205-009-005 | Improvements Assessment | $220,616 |
| Land Assessment | $107,397 | Total Assessment | $328,013 |
Property Taxes
Parcel Number
7205-009-005
Land Assessment
$107,397
Improvements Assessment
$220,616
Total Assessment
$328,013
1 of 11
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
2490 Cedar Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.