1720 Cerritos Ave

7 Unit Apartment Building $2,250,000 ($321,429/Unit) 6.44% Cap Rate Long Beach, CA 90813

INVESTMENT HIGHLIGHTS

  • All Units have been completely remodeled featuring Dishwashers, Wash/Dryer Hookups and Windows
  • Perfect opportunity for exchange buyer looking for very low maintenance and high cash-flow
  • Copper plumbing throughout building, new electrical and 3 year old roof

EXECUTIVE SUMMARY

Current 6.44% cap rate and 10.94 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.

FINANCIAL SUMMARY (ACTUAL - 2024)

ANNUAL ANNUAL PER SF
Gross Rental Income $205,716 $33.87
Other Income - -
Vacancy Loss $6,171 $1.02
Effective Gross Income $199,545 $32.85
Taxes - -
Operating Expenses - -
Total Expenses $54,585 $8.99
Net Operating Income $144,960 $23.87

PROPERTY FACTS

Price $2,250,000
Price Per Unit $321,429
Sale Type Investment
Cap Rate 6.44%
Gross Rent Multiplier 10.94
No. Units 7
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.12 AC
Building Size 6,074 SF
Average Occupancy 100%
No. Stories 2
Year Built 1963
Parking Ratio 0.98/1,000 SF

UNIT AMENITIES

  • Air Conditioning
  • Dishwasher
  • Washer/Dryer Hookup
  • Ceiling Fans
  • Hardwood Floors

SITE AMENITIES

  • Laundry Facilities

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
2+1 6 $2,375 987
3+1.5 1 $2,850 1,275
Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (73)

PROPERTY TAXES

ZONING

Zoning Code LBR3S (Limited Density Multiple Residence)
  • Listing ID: 34715549

  • Date on Market: 2/4/2025

  • Last Updated:

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