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The Gatsby West 330-332 Cedar Ave 25 Unit Apartment Building $4,750,000 ($190,000/Unit) 6% Cap Rate Long Beach, CA 90802
INVESTMENT HIGHLIGHTS
- 25 Units in prime Downtown Long Beach under 10 GRM and a 6.0% CAP.
- Qualified Buyers can put as little as 28% Down.
- Very well maintained asset and professionally managed.
- EMAIL LISTING AGENT FOR MORE INFO.
- Modern Electrical, 5 year old Roof.
- NOT Subject to local rent control - only AB 1482.
EXECUTIVE SUMMARY
PRICED TO SELL. Under 10 GRM and 6.0% CAP.
25 units in the heart of Downtown Long Beach. Excellent unit mix for the area. Well-maintained and professionaly managed property. Property is subject to AB 1482 Rent Control (5% + CPI increase allowed). The building is blocks from over $8BB in redevelopment including the new Library and many new apartment complexes and restaurants.
All unit interiors and common areas heavily updated. The buildings electrical was updated to a 400 AMP main panel and 60 AMPS in each unit and the roof was replaced in 2020. The building was also retrofitted in 1989. New laminate flooring throughout the common areas. Onsite laundry in the basement area.
There is a separate house in the rear that has 2 large units - a 3 bed/1 bath and 1 bed/1 bath unit. No onsite parking.
Loan quote provided by David Guevara. Momenta Capital Group. 714.474.1284 dguevara@momentacg.com. Qualified Buyers can put as little as 28% down.
Earn over an 8% Cash on Cash return against in place rents.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
25 units in the heart of Downtown Long Beach. Excellent unit mix for the area. Well-maintained and professionaly managed property. Property is subject to AB 1482 Rent Control (5% + CPI increase allowed). The building is blocks from over $8BB in redevelopment including the new Library and many new apartment complexes and restaurants.
All unit interiors and common areas heavily updated. The buildings electrical was updated to a 400 AMP main panel and 60 AMPS in each unit and the roof was replaced in 2020. The building was also retrofitted in 1989. New laminate flooring throughout the common areas. Onsite laundry in the basement area.
There is a separate house in the rear that has 2 large units - a 3 bed/1 bath and 1 bed/1 bath unit. No onsite parking.
Loan quote provided by David Guevara. Momenta Capital Group. 714.474.1284 dguevara@momentacg.com. Qualified Buyers can put as little as 28% down.
Earn over an 8% Cash on Cash return against in place rents.
EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
PROPERTY FACTS
| Price | $4,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $190,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6% | Building Size | 14,055 SF |
| Gross Rent Multiplier | 9.99 | Average Occupancy | 100% |
| No. Units | 25 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1915/2020 |
| Property Subtype | Apartment | ||
| Zoning | LBPD30 | ||
| Price | $4,750,000 |
| Price Per Unit | $190,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 9.99 |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 14,055 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1915/2020 |
| Zoning | LBPD30 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 20 | $1,495 | 400 |
| 1+1 | 4 | $1,595 | 425 |
| 3+1 | 1 | $2,670 | 1,000 |
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Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (75)
Bike Score®
Very Bikeable (85)
PROPERTY TAXES
| Parcel Number | 7280-015-009 | Improvements Assessment | $2,164,864 |
| Land Assessment | $4,042,883 | Total Assessment | $6,207,747 |
PROPERTY TAXES
Parcel Number
7280-015-009
Land Assessment
$4,042,883
Improvements Assessment
$2,164,864
Total Assessment
$6,207,747
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The Gatsby West | 330-332 Cedar Ave
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