728 Cerritos Avenue

Long Beach, CA 90813

$4,500,000
Price
3
Beds
19
Baths
11,750 Sq. Ft.
$383 / Sq. Ft.
11,750
Sq. Ft.
$383
per Sq. Ft.

Description

We are pleased to present a 19+1 unit apartment building located at 728 Cerritos Avenue in Long Beach, California. This is a value-add opportunity in a great location. The subject property is close to 4th Street Retro Row, Downtown Long Beach and 2nd Street in Belmont Shore where there are restaurants, shops, bars, grocery stores and entertainment venues. The subject property consists of two parcels that total 11,750 rentable square feet spread throughout a 12,614 square foot lot. One property was...We are pleased to present a 19+1 unit apartment building located at 728 Cerritos Avenue in Long Beach, California. This is a value-add opportunity in a great location. The subject property is close to 4th Street Retro Row, Downtown Long Beach and 2nd Street in Belmont Shore where there are restaurants, shops, bars, grocery stores and entertainment venues. The subject property consists of two parcels that total 11,750 rentable square feet spread throughout a 12,614 square foot lot. One property was built in 1924 and the other was built in 1952. The properties consist of 7 studios, 11 one bed/one bath units and 2 two bedroom / one bath units. The subject property is also separately metered for gas and electricity which helps keep expenses to a minimum. There are a total of 9 garages which generate income as well. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living close to the ocean breeze and walking distance to shops, restaurants, cafes, entertainment centers and grocery stores. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. There has been over $2B invested in real estate transactions and new development projects since 2013. There are 3,997 residential units in the development pipeline. Notable completed projects near the subject property include the Shoreline Gateway at 777 E. Ocean Blvd. which is 35 stories high with 315 residential units and 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at 200 W. Ocean Blvd has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Ave. has 271 units with 1,302 sq. ft. of retail and commercial space. Currently under construction is the renovation at the Breakers Hotel at 210 E. Ocean Blvd, Broadway Block at 330 & 333 E. Broadway which is 432 units and over 17,793 sq. ft. of retail space, Aster at 250 E. Broadway with 218 units and 7,300 sq. ft. of commercial space, as well as the Broadstone Promenade which is 189 units with ground floor retail space as well. The Long Beach port has been undergoing $4.4 billion in redevelopment that will create 14,000 new and permanent jobs in Southern California.
  1. Listed by Kevin King • DRE #01158184 • Brokerage DRE #00530854 • Marcus & Millichap • kking@marcusmillichap.com

Property Details for 728 Cerritos Avenue

Parking Spaces Total
9
Private Pool
No
Total Units
19.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
11750
Assessor Parcel Number
7266-003-017
Property Attached YN
true

Location

Listing Courtesy of Marcus & Millichap, Kevin King, DRE #01158184
Add your commute
LISTING UPDATED: 04/17/2024 06:59 AM

Property Details for 728 Cerritos Avenue

StatusActive
MLS #PW24076719
Days on Market15
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1924
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Kevin King, DRE #01158184
Add your commute

Building Information for 728 Cerritos Avenue

Building/Complex728 Cerritos AveFloor-Stories2Residences-Pet Policy-Year Built1924Building Size-

Payment Calculator

$25,790 per month

30 year fixed, 7.25% Interest

Principal and Interest

$24,558

Property Taxes

$1,232

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 728 Cerritos Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $248,165
  • Gross Scheduled Income: $292,848
  • Net Operating Income: $248,165
Expense Details
  • Operating Expense: $120,711
  • New Taxes Expense: $56,250
  • Gardener Expense: $2,000
  • Fuel Expense: $5,000
  • Licenses Expense: $1,900
  • Electric Expense: $5,000
  • Insurance Expense: $4,101
  • Maintenance Expense: $16,150
  • Professional Management Expense: $15,560
  • Other Expense: $4,750
  • Other Expense Description: Misc.
  • Trash Expense: $5,000
  • Water Sewer Expense: $5,000
  • Total Expenses: $120,711
Tax / Assessment Info
  • Tax Tract Number: 576401
  • Tax Census Tract: 5764.01
  • CFD/Mello-Roos Fee: $1,768
  • Tax Lot: 15
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: No
  • Laundry Features: None
Exterior Features
  • Entry Location: front
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Additional Parcels Description: 7266-003-016
  • Lot Features: 16-20 Units/Acre
  • Number Of Units: 19
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 9
  • Parking Garage Spaces: 9
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 6
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 6
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $6,468
  • Unit Type Total Rent: $6,468
  • Unit Type Pro Forma: 8970
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 11
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 3
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $14,740
  • Unit Type Total Rent: $14,740
  • Unit Type Pro Forma: 20845
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $3,196
  • Unit Type Total Rent: $3,196
  • Unit Type Pro Forma: 4390
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 21
  • Number Of Separate Gas Meters: 21
  • Number Of Separate Water Meters: 1

Property History for 728 Cerritos 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 728 Cerritos Avenue

Taxable ValueLand$468,918Additions$577,461Total$1,046,379
Tax Record2023$14,788 ($1,232 / month)
Home Facts
Total Finished SqFt5,725 SqFtAbove Grade Finished SqFt5,725 SqFtLot Size6,313 SqFtStyleMulti-Family Res (5+ Units)Year Built1924ZoningLBR2NCountyLOS ANGELESAPN7266-003-017

Schools near 728 Cerritos 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
Charter - 9 to 12
Rating
School
Distance
Lincoln Elementary School
PublicK to 5

Franklin Classical Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

Clear Passage Educational Center
Charter9 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.

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728 Cerritos Avenue is a multi-family home for sale in Long Beach, CA 90813. This property was listed for sale on April 17, 2024 by Marcus & Millichap, it's currently listed at $4,500,000. This listing's school district is Long Beach Unified School District. Nearby schools include Lincoln Elementary School, Franklin Classical Middle School and Polytechnic High School. 728 Cerritos Avenue is a 3-bed, 19-bath, 11,750 sqft multi-family home built in 1924.

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 Marcus & Millichap, Kevin King, DRE #01158184

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.