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753 Cerritos Ave 10 Unit Apartment Building $3,000,000 ($300,000/Unit) 5.86% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- Current 5.86% Cap Rate & 11.62 GRM - 80's construction
- (8) 2Bed+2Bath and (2) 1Bed+1Bath units - One unit is currently vacant
- Priced at only $300k/Unit
- Perfect opportunity for exchange buyer looking for very low maintenance and high cash-flow
EXECUTIVE SUMMARY
Pride of Ownership, 80's Construction - Current 5.86% CAP Rate and 11.62 GRM. Priced at only $300k/unit, 753 Cerritos Ave is the ideal opportunity for any investor looking for a well-maintained asset with strong cash flow.
The property is comprised of (8) 2Bed+2Bath and (2) 1Bed+1Bath units. A handful of units have been renovated, including new floors, cabinets, appliances, bathrooms, and fixtures. There is ample tuck-under parking and a laundry room on site. Fully occupied - No Vacancy.
The subject property is located just outside 6 billion dollars' worth of development flooding into Downtown Long Beach, including the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, and Queen Mary Island.
The property is comprised of (8) 2Bed+2Bath and (2) 1Bed+1Bath units. A handful of units have been renovated, including new floors, cabinets, appliances, bathrooms, and fixtures. There is ample tuck-under parking and a laundry room on site. Fully occupied - No Vacancy.
The subject property is located just outside 6 billion dollars' worth of development flooding into Downtown Long Beach, including the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, and Queen Mary Island.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$258,228
|
$37.22
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,747
|
$1.12
|
| Effective Gross Income |
$250,481
|
$36.10
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$77,289
|
$11.14
|
| Net Operating Income |
$173,192
|
$24.96
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $258,228 |
| Annual Per SF | $37.22 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $7,747 |
| Annual Per SF | $1.12 |
| Effective Gross Income | |
|---|---|
| Annual | $250,481 |
| Annual Per SF | $36.10 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $77,289 |
| Annual Per SF | $11.14 |
| Net Operating Income | |
|---|---|
| Annual | $173,192 |
| Annual Per SF | $24.96 |
PROPERTY FACTS
| Price | $3,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $300,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.86% | Building Size | 6,938 SF |
| Gross Rent Multiplier | 11.62 | No. Stories | 3 |
| No. Units | 10 | Year Built | 1987 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | R-2 - restricted Density Multiple Dwelling | ||
| Price | $3,000,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 5.86% |
| Gross Rent Multiplier | 11.62 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 6,938 SF |
| No. Stories | 3 |
| Year Built | 1987 |
| Opportunity Zone |
Yes |
| Zoning | R-2 - restricted Density Multiple Dwelling |
AMENITIES
SITE AMENITIES
- Laundry Facilities
1 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 7266-004-043 | Improvements Assessment | $749,000 (2025) |
| Land Assessment | $1,600,000 (2025) | Total Assessment | $2,349,000 (2025) |
PROPERTY TAXES
Parcel Number
7266-004-043
Land Assessment
$1,600,000 (2025)
Improvements Assessment
$749,000 (2025)
Total Assessment
$2,349,000 (2025)
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753 Cerritos Ave
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