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2015 Cedar Ave 10 Unit Apartment Building $2,744,000 CAD ($274,400 CAD/Unit) 6.43% Cap Rate Long Beach, CA 90806
INVESTMENT HIGHLIGHTS
- Nearly 6.5% Cap Rate on Current Rents
- Six Garages
- Significant Value-Add Potential
- Large One Bedroom and Two Bedroom Units
- On-Site Laundry Room
EXECUTIVE SUMMARY
Skyline Commercial Advisors is pleased to present the opportunity to acquire the Cedar Ave Apartments located in the Wrigley neighborhood of Long Beach. The
property consists of large one bedroom and two bedroom units along with six garages and an on-site laundry room that both appeals to tenants and provides
additional income. With rents slightly below market, the asset provides stable cashflow with a clear pathway to increasing income in a coastal market currently going
through massive redevelopment.
property consists of large one bedroom and two bedroom units along with six garages and an on-site laundry room that both appeals to tenants and provides
additional income. With rents slightly below market, the asset provides stable cashflow with a clear pathway to increasing income in a coastal market currently going
through massive redevelopment.
PROPERTY FACTS
| Price | $2,744,000 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $274,400 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.43% | Building Size | 7,226 SF |
| Gross Rent Multiplier | 10.95 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1956 |
| Property Type | Multifamily | Parking Ratio | 0.83/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | LBR2N | ||
| Price | $2,744,000 CAD |
| Price Per Unit | $274,400 CAD |
| Sale Type | Investment |
| Cap Rate | 6.43% |
| Gross Rent Multiplier | 10.95 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 7,226 SF |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 0.83/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBR2N |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | - | - |
| 2+2 | 1 | - | - |
1 1
Walk Score®
Very Walkable (87)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 7209-025-023 | Improvements Assessment | $354,880 CAD |
| Land Assessment | $172,054 CAD | Total Assessment | $526,934 CAD |
PROPERTY TAXES
Parcel Number
7209-025-023
Land Assessment
$172,054 CAD
Improvements Assessment
$354,880 CAD
Total Assessment
$526,934 CAD
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2015 Cedar Ave
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