338 Cedar AveLong Beach, CA 90802

Property Details for 338 Cedar Ave

Year built

1918

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

10,164 SF

Zone code

LBPD30

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

7280-015-006

APU

7280015006

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,991,143

  6.5%

  $2,761,055

  7%

  $2,563,837

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,025,274

  Geo Method

  $5,025,274

• Alternative Use

  Use

  Valuation

  Residential

  $2,761,055

  Hospitality

  $2,529,112

  Educational

  $2,104,191

  Medical

  $2,176,558

  Retail

  $3,273,186

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.7713

Longitude

-118.195

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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