1217 Cedar Avenue

Long Beach, CA 90813

$2,895,000
Price
6
Beds
14
Baths
8,086 Sq. Ft.
$358 / Sq. Ft.
8,086
Sq. Ft.
$358
per Sq. Ft.

Description

14 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI. Priced at 11.3X GRM and 5.6% CAP on current rents - with upside to a 5.9% CAP. The property is professionally managed and well maintained. Some units have updated kitchens, baths and flooring. The property also just received updated landscaping and paint. The building features and excellent unit mix for the area and is located blocks from $8BB worth of redevelopment in the Down Town Long Beach area. There...14 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI. Priced at 11.3X GRM and 5.6% CAP on current rents - with upside to a 5.9% CAP. The property is professionally managed and well maintained. Some units have updated kitchens, baths and flooring. The property also just received updated landscaping and paint. The building features and excellent unit mix for the area and is located blocks from $8BB worth of redevelopment in the Down Town Long Beach area. There is no onsite parking but there is onsite laundry. The electrical is Siemens - it's a 200 AMP main panel with 30 AMP subpanels (Buyer to verify). Email la for more info including a current rent roll and actual expenses.

Property Details for 1217 Cedar Avenue

Zoning
LBPD10
Parcel Number
7272001023
Total Units
14.0
Living Area
8086
Source Living Area
Vendor Enhanced
Area
Downtown Area, Alamitos Beach (4)
Vacancy Rate
0%
Lot Size Area
7135

Location

Listing Courtesy of The Agency, Jonathan Swire, DRE #01336277
Add your commute
LISTING UPDATED: 05/07/2024 12:00 PM

Property Details for 1217 Cedar Avenue

StatusActive
MLS #24-385989
Days on Market27
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1929
Lot Size0.16 AC / 7,135 SF
CountyLos Angeles County

Location

Listing Courtesy of The Agency, Jonathan Swire, DRE #01336277
Add your commute

Building Information for 1217 Cedar Avenue

Stories2Residences-Year Built1929Building Size-Lot Size0.16 AC / 7,135 SF

Payment Calculator

$18,733 per month

30 year fixed, 7.25% Interest

Principal and Interest

$15,799

Property Taxes

$2,934

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1217 Cedar Avenue

Community / Development
Community / Development
  • Number Of Units: 14
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Income
  • ADA Compliance: No
Contract Info
Contract Info
  • Probate: No
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $256,000
  • Net Operating Income: $161,000.00
  • Gross Income: $256,000
  • Cap Rate: 5.60%
  • Gross Rent Multiplier: $11.30
  • Total Annual Expense: 87000
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1638
  • Lot Size Square Feet: 7135
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 0
  • Parking Features: None
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling: None
  • Cooling Type: None
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 05-07-2024
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,495.00
  • Unit Actual Rent: $495.00
  • Unit Projected Rent: $1,495.00
  • Like Units: 8
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,695.00
  • Unit Actual Rent: $1,695.00
  • Unit Projected Rent: $1,695.00
  • Like Units: 6
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $923,100.00
  • Assessed Improvement Percent: 35.01
  • Assessed Land Value: $1,713,600.00
  • Assessed Land Percent: 64.99
  • Assessed Total Value: $2,636,700.00

Property History for 1217 Cedar Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1217 Cedar Avenue

Taxable ValueLand$1,713,600Additions$924,540Total$2,638,140
Tax Record2023$35,212 ($2,934 / month)
Home Facts
Total Finished SqFt8,086 SqFtAbove Grade Finished SqFt8,086 SqFtLot Size7,135 SqFtStyleMulti-Family Res (5+ Units)Year Built1929ZoningLBPD10CountyLOS ANGELESAPN7272-001-023

Schools near 1217 Cedar Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
International Elementary School
PublicK to 5

Washington Middle School
Public6 to 8

Cabrillo High School
Public9 to 12

Renaissance High School For The Arts
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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1217 Cedar Avenue is a multi-family home for sale in Long Beach, CA 90813. This property was listed for sale on April 23, 2024 by The Agency, it's currently listed at $2,895,000. It has been on the market for a total of 27 days and was last sold on July 16, 2021. This listing's school district is Long Beach Unified School District. Nearby schools include International Elementary School, Washington Middle School and Cabrillo High School. 1217 Cedar Avenue is a 6-bed, 14-bath, 8,086 sqft multi-family home built in 1929.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of The Agency, Jonathan Swire, DRE #01336277

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.