22
See all 22 photos
$2,800,000
Est. payment /mo
7,505 Sqft Lot
New
1242 Cedar AVE Long Beach, CA 90813
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID PW25124049
HOA Y/N No
Year Built 1960
Lot Size 7,505 Sqft
Property Sub-Type Apartment
Property Description
1242 Cedar Avenue is a 12-unit apartment asset located in Downtown Long Beach. The asset is priced at 5.70% cap rate and 11.38 GRM at current rents. The property is comprised of (9) 1 Bed/1Bath units and (3) 2 Bed/1 Bath units. Seven of the 12 units are fully renovated with new flooring and modern kitchens and baths featuring designer fixtures and finishes. The secured-access building has undergone key capital improvements, including new windows, fresh exterior paint, and upgraded electrical systems throughout. Additional income is generated from on-site parking and tenant- accessible laundry facilities. With a Walk Score of 89, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. The location is also within walking distance of the East Village Arts District, one of Long Beach's most vibrant and sought-after neighborhoods, known for its creative energy and strong rental demand. 1242 Cedar Avenue offers investors a well-maintained asset with upside in an infill location experiencing continued growth and revitalization.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD10
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Sidewalks
Total Parking Spaces 5
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7272001006
Energy Description 1542.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Listed by Robert Stepp • Keller Williams Realty Downey • 310-463-2916