Description

1439 Cedar Avenue is a 16-unit apartment building with substantial remodeling and improvements. This property boasts a 9.01X GRM and a 6.5% cap rate off actuals. While this property has the charm of the 1920's with its higher ceilings and arched architecture, many of the systems and units have been upgraded/improved. The main electrical panel was upgraded in the 1990s. All the hot and cold-water supply lines were replaced in 2021. Prior to current ownership, the mail drain line was replaced with ABS in the larger than average crawlspace and substantial improvements were made to the foundation. All the units feature vinyl plank and ceramic-type tile flooring. Some units have had kitchen remodels with newer cabinets and quartz countertops. Pretty good mix of open floor plans and units with large walk-in closets. There are stairs leading to the roof for easy access and maintenance. There is on-site laundry and 4 garage spots which are rented for additional income. This property is located directly across the street from Washington Middle School which is currently undergoing a $176 million reconstruction process. It is conveniently located close to the 710 freeway, downtown Long Beach, and city transportation. 1439 Cedar Avenue offers steady cash flow with limited capital expenditure risk in a dense rental market.