338 Cedar AveLong Beach, CA 90802

This exceptional 17-unit apartment building, located at 338 Cedar Avenue in the heart of Downtown Long Beach, California, presents a compelling investment opportunity. The property boasts 10,150 square feet on a 7,503 square foot lot and features a mix of unit sizes: two three-bedroom units, five two-bedroom units, and ten one-bedroom units. All 17 units have undergone a complete renovation, including new flooring, modern kitchens with stainless steel appliances and updated cabinetry, updated bathrooms with new vanities and fixtures, and in-unit washers and dryers. The building, constructed in 1918 and spanning two stories, offers secured access for residents. Its prime location places it within walking distance of numerous retail and dining establishments, the expansive $520 million Civic Center redevelopment project, and the Metro A Blue Line Pacific Station. The property's strong financial performance is highlighted by a current NOI of $252,704 and a pro-forma NOI of $282,173, translating to a current cap rate of 5.84% and a pro-forma cap rate of 6.52%. The asking price is $4,325,000, representing a price per unit of $254,411.76 and a current GRM of 10.98. The property's APN is 7280-015-006. This is a rare opportunity to acquire a fully renovated, well-located multifamily asset in a thriving downtown area.