1467 Cedar Ave Long Beach, CA 90813

This exceptional 12-unit apartment building at 1467 Cedar Avenue in Long Beach, California presents a compelling value-add opportunity. Boasting 8,858 square feet of net rentable space across a two-story building on a 7,432 square foot lot, this property offers significant upside potential. Built in 1963, the building comprises a mix of one- and two-bedroom units, averaging 738 square feet each. Currently generating a Net Operating Income (NOI) of $193,832, representing a 4.50% capitalization rate, a pro-forma NOI of $198,832 and a pro-forma cap rate of 6.92% is achievable. The property's strategic location in Long Beach, with a Walk Score of 84, provides convenient access to Pacific Coast Highway and major freeways (710 and 405). Its proximity to the beach and local attractions further enhances its appeal. Current rents are approximately 32% below market level, presenting a clear opportunity for increased income through interior renovations, exterior improvements, and common area upgrades. The property's designation as an Opportunity Zone provides additional tax advantages for qualified buyers. Furthermore, the existing garages offer the potential for conversion into additional dwelling units (ADUs), further increasing the property's value and income stream. This is a rare chance to acquire a well-located, multifamily asset with substantial room for growth in a desirable California market.