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2490 Cedar Ave 10 Unit Apartment Building $2,723,387 CAD ($272,339 CAD/Unit) 5.31% Cap Rate Long Beach, CA 90806
INVESTMENT HIGHLIGHTS
- ±22% Rental Upside - Prime Value Add Opportunity
- Strong Mix of (6) 1BD/1BA & (4) Studio Units
- Walk Score 90 / Bike Score 80
- Separate Meters for Gas & Electricity
- Desirable Wrigley Neighborhood - Close Proximity to Amenities
- Excellent Transit Access - Willow St. Station within ~0.6 Miles
EXECUTIVE SUMMARY
2490 Cedar Avenue is a 10-unit multifamily investment opportunity located in the highly desirable Wrigley neighborhood of Long Beach. With in-place rents approximately 22% below current market levels, the property presents a compelling value-add opportunity and strong potential for rental income growth.
The well-balanced unit mix features six (6) one-bedroom/one-bath units and four (4) studio units, appealing to a range of renters and supporting long-term occupancy. Separate gas and electric meters provide an opportunity for utility passthrough, while onsite laundry facilities generate additional ancillary income.
Situated in the walkable and transit-friendly Wrigley submarket, the property boasts a 90 Walk Score and 80 Bike Score, offering residents easy access to neighborhood retail, dining, and daily conveniences. The Willow Street Metro Station is just 0.6 miles away, providing a direct connection to major employment hubs throughout the region.
The well-balanced unit mix features six (6) one-bedroom/one-bath units and four (4) studio units, appealing to a range of renters and supporting long-term occupancy. Separate gas and electric meters provide an opportunity for utility passthrough, while onsite laundry facilities generate additional ancillary income.
Situated in the walkable and transit-friendly Wrigley submarket, the property boasts a 90 Walk Score and 80 Bike Score, offering residents easy access to neighborhood retail, dining, and daily conveniences. The Willow Street Metro Station is just 0.6 miles away, providing a direct connection to major employment hubs throughout the region.
PROPERTY FACTS
| Price | $2,723,387 CAD | Property Subtype | Apartment |
| Price Per Unit | $272,339 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.31% | Lot Size | 0.15 AC |
| Gross Rent Multiplier | 11.23 | Building Size | 8,134 SF |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1947 |
| Zoning | LBR1N | ||
| Price | $2,723,387 CAD |
| Price Per Unit | $272,339 CAD |
| Sale Type | Investment |
| Cap Rate | 5.31% |
| Gross Rent Multiplier | 11.23 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 8,134 SF |
| No. Stories | 2 |
| Year Built | 1947 |
| Zoning | LBR1N |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
| Studios | 4 | - | - |
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 7205-009-005 | Improvements Assessment | $310,956 CAD |
| Land Assessment | $151,375 CAD | Total Assessment | $462,331 CAD |
PROPERTY TAXES
Parcel Number
7205-009-005
Land Assessment
$151,375 CAD
Improvements Assessment
$310,956 CAD
Total Assessment
$462,331 CAD
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2490 Cedar Ave
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