1720 Cerritos Ave
7 Unit Apartment Building $2,250,000 ($321,429/Unit) 6.44% Cap Rate Long Beach, CA 90813
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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
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$33.87
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Other Income |
-
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-
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Vacancy Loss |
$6,171
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$1.02
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Effective Gross Income |
$199,545
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$32.85
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Taxes |
-
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-
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Operating Expenses |
-
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-
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Total Expenses |
$54,585
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$8.99
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Net Operating Income |
$144,960
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$23.87
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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 |
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Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
Parcel Number | 7268-027-025 | Improvements Assessment | $848,966 |
Land Assessment | $530,604 | Total Assessment | $1,379,570 |
ZONING
Zoning Code | LBR3S (Limited Density Multiple Residence) |