1220 Cedar Ave, Long Beach, CA 90813

1220 Cedar Ave, Long Beach, CA 90813

Long Beach, CA

Property Description

5%+ CAP on Actual Rents (ALL INCOME VERIFIED) All Rents Guaranteed for full lease period of 1 year TURNKEY ASSET! New Roof, Full Re-pipe, Rewired, New Panels, New Interiors, New Water Heaters, New AC Units. Not a single thing left undone on this property. You have a brand new building. Beautifully remodeled, Turnkey (7)-unit asset located in Downtown Long Beach, 1220 Cedar Ave. is the perfect investment for any owner looking to own a stabilized and income producing property. The Cedar apartments have undergone a complete renovation in 2020 and will be delivered at a 5% cap. 1220 Cedar Ave. is a sizeable 5,324 Sq.Ft and is comprised of (3) 2-bedroom/1-bath & (4) 1-bedroom/1-bath units. All units are equipped with brand new bathrooms, kitchens, and flooring. Other interior upgrades include new dishwashers, air conditioning, and Quartz counter tops. Major systems upgrades feature a fully painted exterior, a full copper re-pipe, and new electrical system. Additionally, there are (5) single car garages at the rear of the property, as well as on-site laundry available for tenants. The Cedar apartments have ideal location only minutes from both the 710 Freeway and $6 Billion in development flowing to Downtown Long Beach. This is a perfect opportunity for any buyer looking to own a pristine, stabilized, cash flowing asset in the rapidly growing city of Long Beach.

Property Features

  • Sale Price: $1,900,000
  • Area Size: 5,324 SF
  • Land Area: 7,494 SF
  • Year Built: 1921
  • Listing Date: 6/02/2020
  • Closing Date: 9/23/2020
  • Units: 7
  • Price Per Unit: $292,857

Lyon Stahl Investment Real Estate

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