1516 Cedar Ave, Long Beach, CA 90813

1516 Cedar Ave, Long Beach, CA 90813

Long Beach, CA

Property Description

Lyon Stahl Investment Real Estate is pleased to present 1516 Cedar Ave, a meticulously renovated apartment complex in Long Beach, California. The seller spent roughly $250,000 on a full remodel completed in 2019. Located in the path of progress as there are over 750 new construction units within a .25 mile radius. The subject property offers five spacious units comprised of two (2) 3-bd/1-ba, two (2) 2-bd/1-ba, and one (1) 1-bd/1-ba across two buildings totaling 4,495 square feet. Situated on an oversized 8,046 square foot lot, 1516 Cedar boasts an 87 walk score and has a courtyard with drought-resistant landscaping providing a desirable open-air space for the residents. Every unit has brand-new front-loading washers and dryers and there are four (4) garages. Extensive interior renovations at a cost of over $35,000/unit include all new copper plumbing, electrical wiring & meters, kitchens, bathrooms, doors, drywall, flooring, paint, trim, lighting, and fixtures throughout. Exterior renovations include new roofing, paint, rear stairway, dual pane & double-hung windows, garage doors, and removal of several trees. 1516 Cedar Avenue’s location, cashflow, and high-end renovations provide an investor with the opportunity to own a brand-new condition asset that will minimize their cost and maximize their return over a long investment horizon.

Property Features

  • Sale Price: $1,575,000
  • Area Size: 4,495 SF
  • Land Area: 8,046 SF
  • Year Built: 1915
  • Listing Date: 10/27/2020
  • Closing Date: 12/15/2020
  • Units: 5
  • Current GRM: 12.93
  • Current Cap Rate: 5.42%
  • Price Per Unit: $315,000
  • Market GRM: 12.05
  • Market Cap Rate: 6.16%
  • Current NOI: $85,400

Lyon Stahl Investment Real Estate

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