1720 Cerritos Ave
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1720 Cerritos Ave
7 Unit Apartment Building $2,200,000 ($314,286/Unit) 6.62% Cap Rate Long Beach, CA 90813
Investment Highlights
- All Units have been completely remodeled
- Copper plumbing throughout building, new electrical and 3 year old roof (All done within last 5 years)
- (6) 2Bed+1Bath Units and (1) 3Bed+1.5Bath - Two units are currently vacant
- Perfect opportunity for exchange buyer looking for very low maintenance and high cash-flow
- All Units have been completely remodeled featuring Dishwashers, Wash/Dryer Hookups and Windows
Executive Summary
Current 6.62% cap rate and 10.69 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.
Each unit has its own washer and dryer, dishwashers,
new floors, kitchen and fixtures. All demanding higher
rents for the area. This property is massive with each
unit averaging over 800 sqft. The property also has
new copper plumbing, new roof and new electrical sub
panels in each unit - all of which were updated in the
last 5 years.
T he subject property is located just outside 6 Billion
dollars worth of development flooding into Downtown
Long Beach, including the Long Beach Civic Center,
Long Beach Aquarium, OceanAire Project, CSULB
Downtown Village, Broadway Block and Queen Mary
Island.
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.
Each unit has its own washer and dryer, dishwashers,
new floors, kitchen and fixtures. All demanding higher
rents for the area. This property is massive with each
unit averaging over 800 sqft. The property also has
new copper plumbing, new roof and new electrical sub
panels in each unit - all of which were updated in the
last 5 years.
T he subject property is located just outside 6 Billion
dollars worth of development flooding into Downtown
Long Beach, including the Long Beach Civic Center,
Long Beach Aquarium, OceanAire Project, CSULB
Downtown Village, Broadway Block and Queen Mary
Island.
Financial Summary (Actual - 2023) |
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 |
$53,980
|
$8.89
|
| Net Operating Income |
$145,565
|
$23.97
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $205,716 |
| Annual Per SF | $33.87 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $6,171 |
| Annual Per SF | $1.02 |
| Effective Gross Income | |
|---|---|
| Annual | $199,545 |
| Annual Per SF | $32.85 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $53,980 |
| Annual Per SF | $8.89 |
| Net Operating Income | |
|---|---|
| Annual | $145,565 |
| Annual Per SF | $23.97 |
Property Facts
| Price | $2,200,000 | Apartment Style | Low Rise |
| Price Per Unit | $314,286 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 6.62% | Building Size | 6,074 SF |
| Gross Rent Multiplier | 10.69 | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 0.98/1,000 SF |
| Price | $2,200,000 |
| Price Per Unit | $314,286 |
| Sale Type | Investment |
| Cap Rate | 6.62% |
| Gross Rent Multiplier | 10.69 |
| 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
1 of 1
Walk Score ®
Very Walkable (89)
Bike Score ®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 7268-027-025 | Improvements Assessment | $848,966 (2024) |
| Land Assessment | $530,604 (2024) | Total Assessment | $1,379,570 (2024) |
PROPERTY TAXES
Parcel Number
7268-027-025
Land Assessment
$530,604 (2024)
Improvements Assessment
$848,966 (2024)
Total Assessment
$1,379,570 (2024)
zoning
| Zoning Code | LBR3S (Limited Density Multiple Residence) |
| LBR3S (Limited Density Multiple Residence) |
-
Cameron Samimi -
Lyon Stahl Investment Real Estate
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1720 Cerritos Ave
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