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1880 Cedar Avenue

Long Beach, CA 90806
  • $2,300,000
  • STATUS: Active Under Contract
  • ON SITE: 91 Days
  • ID#: PW24203525
Under Contract
UPDATED: 33 min ago
$2,300,000
  • 0
    BEDS
  • 0.18
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1954
County:

School Ratings & Info

Listing Agent(s): Spencer Pabst of Pabst, Kinney & Associates (562-987-3244)


Description

Located in the desirable Wrigley area of Long Beach, 1880 Cedar Ave. is a well-maintained 10 unit garden style apartment building comprised of (3) 2bd/1bth units, (6) 1bd/1bth units, (1) studio, and 7 single car garages. Originally built in 1954, and consisting of 7,358 rentable square feet on a large 7,957 square foot lot. The property is separately metered for gas and electricity, and features gated entry, vinyl pane windows, and community laundry. Priced attractively at $230,000 per unit, and $312.58 per SF, 5.55% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 6.83%. An attractive opportunity for a new owner! The property is in an excellent location in the South Wrigley neighborhood of Long Beach. Residents enjoy convenient access to everyday needs at Wrigley Market, an Albertsons anchored retail center located blocks from the property. Additionally, 1880 Cedar is just over 1.75 miles from the abundance of retail, dining, and entertainment options in Downtown Long Beach. It also benefits from its optimal location near Willow Street, Pacific Coast Highway, and 405 and 710 freeways, providing residents easy access to employment hubs throughout Southern California. The overall demand for well-located and maintained apartment building will be a key driver in the continued growth and success at 1880 Cedar Ave.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2025-02-11T20:31:56.19. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
www.playavistaliving.com/homes/157757779
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1880 Cedar Avenue Long Beach, CA 90806

  • Price: $2,300,000
  • Status: Active Under Contract
  • On Site: 91 Days
  • Updated: 33 min ago
  • ID#: PW24203525
0
Beds
0
Baths
0
½ Baths
0.18
Acres
1954
Built
Neighborhood:
Wrigley Area (Wr)
County:
Los Angeles
Area:
5 - Wrigley Area
Property Description
Located in the desirable Wrigley area of Long Beach, 1880 Cedar Ave. is a well-maintained 10 unit garden style apartment building comprised of (3) 2bd/1bth units, (6) 1bd/1bth units, (1) studio, and 7 single car garages. Originally built in 1954, and consisting of 7,358 rentable square feet on a large 7,957 square foot lot. The property is separately metered for gas and electricity, and features gated entry, vinyl pane windows, and community laundry. Priced attractively at $230,000 per unit, and $312.58 per SF, 5.55% CAP RATE on current rents, with room to increase rents. Realistic MARKET CAP RATE of 6.83%. An attractive opportunity for a new owner! The property is in an excellent location in the South Wrigley neighborhood of Long Beach. Residents enjoy convenient access to everyday needs at Wrigley Market, an Albertsons anchored retail center located blocks from the property. Additionally, 1880 Cedar is just over 1.75 miles from the abundance of retail, dining, and entertainment options in Downtown Long Beach. It also benefits from its optimal location near Willow Street, Pacific Coast Highway, and 405 and 710 freeways, providing residents easy access to employment hubs throughout Southern California. The overall demand for well-located and maintained apartment building will be a key driver in the continued growth and success at 1880 Cedar Ave.
Exterior Features

Entry Level 1 Entry Location 1 Lot Features Rectangular Lot Number Of Separate Electric Meters 11 Parking Features Assigned Parking Total 7 Pool Features None Pool Private YN No Property Attached YN No

Interior Features

Common Walls No Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Common Interest None Community Features Sidewalks Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 17380 Gross Scheduled Income 208560 Insurance Expense 0 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New LoanConventional1031 Exchange Net Operating Income 208560 New Construction YN No Number Of Separate Gas Meters 11 Number Of Separate Water Meters 1 Number Of Units Leased 10 Operating Expense 0 Property Sub Type Mixed Use Rent Control YN No Senior Community YN No Sewer Private Sewer Special Listing Conditions Standard Total Actual Rent 17380 Trash Expense 0 Water Sewer Expense 0 Water Source Public Zoning LBR2N



Based on information from California Regional Multiple Listing Service, Inc. as of 2025-02-11T20:31:56.19. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
 
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Team Tami | Palm Realty Boutique
323 Culver Blvd.
Playa del Rey CA, 90293
Listing Agent(s): Spencer Pabst of Pabst, Kinney & Associates (562-987-3244)