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2309 Cedar Ave

Long Beach, CA 90806 View Map $4,600,000 Schedule a Tour
Sq.Ft. Lot6,500
Year1962
Nancy Barfield

Nancy Barfield

(714) 271-0789
DRE No.: 01085438

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Status: Under Contract
Property Type:Residential Income (Multi-Family)
MLS #:PW22013010
On Site:254 Days
Lot Size:6,500 Sq. Ft.
County:Los Angeles

Listing Agent/Office

Agent:Betsy Hutchinson
Office:Coldwell Banker Realty
Look no further! Add 2309 and 2317 to your property portfolio and watch the profits flow! 2309 Cedar Ave and 2317 Cedar Ave offered at $4,600,000. to be sold together as joined by one common courtyard. Walk into this gated community to find yourself in the recently re-landscaped courtyard. Beautiful Olive tree in the center with plants that wrap around it and plants in front of the units. Two properties have one building on each lot. Each building has 8 large units, 16 units together. Total of four 2 bed 2 bath, and total of twelve 1 bed 1 bath. Total of four 1 bed 1 bath have private balconies. Each unit is spacious and has tons of storage. All units have been upgraded. Refinished hardwood floors or vinyl planks, granite counter tops in baths and kitchens. Total of twelve 1 car garages. Laundry room completely overhauled in 2019 for extra income. Upgrades include: new plumbing, 4 washer hook-ups, 4 dryer hook-ups, 3 new energy efficient stack-able washer and dyers, new flooring, new paint, new water heater cover, new light fixture, and new door that leads out the freshly laid pebble on the side yard. Highly desirable rental area! Great long term tenants! Great Location! Great income! Great opportunity! This won't last! See you in escrow!

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$000 Monthly Payment
Loan and interest only.

Detailed Maps

Price Change History

Date Old Price New Price Percent Change
2/9/2022$5,000,000$4,600,000-8%

Community Information

Address:2309 Cedar Ave Long Beach, CA 90806
Area:5 - Wrigley Area
County:Los Angeles
City:Long Beach
Subdivision:Wrigley Area (Wr)
Zip Code:90806

Architecture

Year Built:1962
Building Area: 6579.0
Number of Buildings: 2
Total Units: 16
Unit 1: 4 Units • 2 Beds • 2 Baths • Unfurnished • $7,500 actual rent • $7,500 total rent • $1,650 pro forma
Unit 2: 12 Units • 1 Bed • Unfurnished • $18,600 actual rent • $1,860 total rent • $2,100 pro forma
Garage Spaces: 12.0
Parking Total: 12.0

Features / Amenities

Laundry: Common Area
Common Walls: 2+ Common Walls

Property Features

Lot Size: 0.15 Acres / 6,500 Sq. Ft.
Lot Features: DripIrrigationBubblers, Front Yard, Sprinklers In Front, Lawn, Landscaped
Sewer: Public Sewer
Water: Public
Zoning:LBR1N
Directions:Off Pacific turn onto 23rd and then onto Cedar

Tax and Financial Info

Contingency: 2309 Cedar Ave and 2317 Cedar Ave to be sold together. Contingent of 1031. Seller must identify and enter escrow to sell. Currently negotiating offer for replacement property.
Gross Scheduled Income: $326,460
Net Operating Income: $261,898
Electric Expense: $1,420
Gardener Expense: $2,635
Water/Sewer Expense: $9,154
Operating Expense: $64,562

Schools

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2309 Cedar Ave Long Beach, CA 90806
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2309 Cedar Ave Long Beach, CA 90806
 
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Listing agent / office Betsy Hutchinson, Coldwell Banker Realty.
Based on information from California Regional Multiple Listing Service, Inc. as of October 1, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. IDX provided by Sierra Interactive.