10.98 GRM | All Renovated Units West Gateway | 338 Cedar Ave
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10.98 GRM | All Renovated Units West Gateway 338 Cedar Ave
17 Unit Apartment Building $6,225,794 CAD ($366,223 CAD/Unit) 5.84% Cap Rate Long Beach, CA 90802
Investment Highlights
- All Units Fully Renovated with In-Unit Washer/Dryers
- Secured Access Building
- Attractive Mix of 1BD, 2BD and 3BD Units
- Vibrant West Gateway Location, Steps from Metro Transportation - 97 Walk Score
Executive Summary
338 Cedar Avenue is a 17-unit apartment asset in Downtown Long Beach. The property is offered at 10.98 GRM on current rents.
The property is comprised of (2) three-bedroom units, (5) two-bedroom units, and (10) one-bedroom units.
All of the units have been fully remodeled with recessed lighting, new flooring, new kitchen countertops, cabinetry, and stainless steel appliance, new bathroom vanities, tiling, and modern fixtures and features throughout. All renovated units offer in-unit washers and dryers.
The property is located in prime Downtown Long Beach, steps from a plethora of retail and dining amenities as well as the $520M, 22-acre Civic Center redevelopment, and a two-minute walk to the Metro A Blue Line Pacific Station stop.
The property is comprised of (2) three-bedroom units, (5) two-bedroom units, and (10) one-bedroom units.
All of the units have been fully remodeled with recessed lighting, new flooring, new kitchen countertops, cabinetry, and stainless steel appliance, new bathroom vanities, tiling, and modern fixtures and features throughout. All renovated units offer in-unit washers and dryers.
The property is located in prime Downtown Long Beach, steps from a plethora of retail and dining amenities as well as the $520M, 22-acre Civic Center redevelopment, and a two-minute walk to the Metro A Blue Line Pacific Station stop.
Property Facts
| Price | $6,225,794 CAD | Apartment Style | Low Rise |
| Price Per Unit | $366,223 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.84% | Building Size | 10,150 SF |
| Gross Rent Multiplier | 10.98 | Average Occupancy | 89% |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1918 |
| Property Subtype | Apartment |
| Price | $6,225,794 CAD |
| Price Per Unit | $366,223 CAD |
| Sale Type | Investment |
| Cap Rate | 5.84% |
| Gross Rent Multiplier | 10.98 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 10,150 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 1918 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | - | 850 |
| 3+1.5 | 1 | - | 800 |
| 2+2 | 3 | - | 650 |
| 2+1.5 | 2 | - | 600 |
| 1+1 | 10 | - | 535 |
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Walk Score®
Walker's Paradise (97)
Transit Score®
Excellent Transit (75)
Bike Score®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 7280-015-006 | Improvements Assessment | $1,734,237 CAD |
| Land Assessment | $4,030,503 CAD | Total Assessment | $5,764,740 CAD |
PROPERTY TAXES
Parcel Number
7280-015-006
Land Assessment
$4,030,503 CAD
Improvements Assessment
$1,734,237 CAD
Total Assessment
$5,764,740 CAD
zoning
| Zoning Code | RR4N, Long Beach |
| RR4N, Long Beach |
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10.98 GRM | All Renovated Units West Gateway | 338 Cedar Ave
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