1960 Cedar Avenue, Long Beach, CA 90806 - Berkshire Hathaway HomeServices California Properties
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1960 Cedar Avenue, Long Beach, CA 90806

$2,400,000 Approx. USD 0 beds, 0 baths

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Listing Agent


Spencer Pabst | spabst@pabstkinney.com
Lic#: 01849377
Broker: Courtesy of Pabst, Kinney & Associates

Agent Remarks

Price Improvement! Located in the desirable Wrigley area of Long Beach, 1960 Cedar Ave. is a well-maintained 11 unit garden style apartment building comprised of (2) 3bd/1bth units, (6) 2bd/1bth units, (2) 1bd/1bth units, (1) studio, and 5 single car garages. Originally built in 1944, and consisting of 7,088 rentable square feet on a large 8,129 square foot lot. The property is separately metered for gas and electricity, and features gated entry, vinyl pane windows, and community laundry. Priced attractively at $218,182 per unit, and $338.60 per SF, 6.23% CAP RATE, 9.88x GRM on current rents, with room to increase rents. Realistic MARKET CAP RATE of 7.89%. An attractive opportunity for a new owner! The property is in an excellent location in the South Wrigley neighborhood of Long Beach. Residents enjoy convenient access to everyday needs at Wrigley Market, an Albertsons anchored retail center located blocks from the property. Additionally, 1880 Cedar is just over 1.75 miles from the abundance of retail, dining, and entertainment options in Downtown Long Beach. It also benefits from its optimal location near Willow Street, Pacific Coast Highway, and 405 and 710 freeways, providing residents easy access to employment hubs throughout Southern California. The overall demand for well-located and maintained apartment building will be a key driver in the continued growth and success at 1960 Cedar Ave. Can be purchased with the 10 units listed at 1880 Cedar Ave.!

Listing Details

Property type: Mixed Use (Multi-Family)
Status: Active Under Contract
MLS# PW24203754
List price is $2,400,000 Reduced by $200,000 on 2/27/2025
Price: $2,400,000
Beds: 0
Baths: 0
None fireplaces
Built in 1944
2 stories
0.19 acres
Lot size: 0.1866
Subdivision: Wrigley Area (WR)
County: Los Angeles
Zoning: LBR2N
Parking description: Assigned
Lot description: Rectangular Lot
Heating/cooling: None
Heating description: Wall Furnace
MLS area: 5 - Wrigley Area

Last Updated: 4/14/2025

 Days On Market (DOM): 194

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This listing belongs to the 5 - Wrigley Area MLS area

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Lat/Long: 33.792784, -118.194713.
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DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor. GET PRE-APPROVED The loan's interest rate will depend upon the specific characteristics of the loan transaction and credit profile up to the time of closing.

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