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Diego Magdaleno

diego@1visionre.com +1(714) 376-8652

$2,450,000

Est. payment - /mo

6 Beds

14 Baths

8,086 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 8,086 sqft

Price per Sqft $302

MLS Listing ID 26825645

Bedrooms 6

HOA Y/N No

Year Built 1929

Lot Size 7,135 Sqft

Property Description

PRICED TO SELL AT 9.5 GRM & 6.6% CAP WITH UPSIDE TO 7.0% CAP. 14 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7%). The property is professionally managed and well maintained. EARN OVER 10% CASH ON CASH AGAINST IN-PLACE RENTS. 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). Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The City of Long Beach also just approved a $38MM makeover of the Long Beach Airport in preperation for the 2028 Olympics. Qualfied Buyers can get a new loan with as little as 25% down. 5.40% Fixed for 5 years, Interest Only.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBPD10

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Exterior

Parking Features None

Building

Story 2

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 7272001023

Special Listing Condition Standard

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Listed by Jonathan Swire The Agency #01336277

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1217 Cedar AVE Long Beach, CA 90813