1720 Cerritos Ave, Long Beach – 6.62% CAP Rate

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Address: 1720 Cerritos Ave, Long Beach, CA 90813, USA

California & West + Apartment Buildings

Created date: November 7, 2024

Date last updated: November 7, 2024

All Units have been completely remodeled featuring Dishwashers, Wash/Dryer Hookups and Windows
Copper plumbing throughout building, new electrical and 3
year old roof (All done within last 5 years)
(6) 2Bed+1Bath Units and (1) 3Bed+1.5Bath – Two units are
currently vacant
Perfect opportunity for exchange buyer looking for very low
maintenance and high cash-flow

Property Description

Current 6.62% cap rate and 10.69 GRM! Meticulously remodeled with high-end finishes. Come see this beautiful 7 unit building with best unit mix you can ask for. 1720 Cerritos is comprised of (6) 2Bed+1Bath and (1) 3Bed+1.5Bath units. Two units are currently vacant and there is an opportunity to add significant value by building out (2) Studio+1Bath ADUs. Adding the ADUs would generate an extra $3,500/month. Each unit has its own washer and dryer, dishwashers, new floors, kitchen and fixtures. All demanding higher rents for the area. This property is massive with each unit averaging over 800 sqft. The property also has new copper plumbing, new roof and new electrical sub panels in each unit - all of which were updated in the last 5 years. The subject property is located just outside 6 Billion dollars worth of development flooding into Downtown Long Beach, including the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block and Queen Mary Island.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$2,200,000
No. of Units:	7
Cap Rate:	6.62%
GRM /GIM:	10.69
Year Built:	1963
Building Size:	6,074 Sq ft
Lot Size:	5,194.00 Sq ft
Opportunity Zone:	No
Price per unit:	$314,286
Parking Spaces:	8