NOT LISTED FOR SALE

1220 Cedar Ave Long Beach, CA 90813

Willmore Neighborhood
10 Beds
7 Baths
5,324 Sq Ft
7,494 Sq Ft Lot

Last Sold September 23, 2020

Last sale price $1,900,000 $357 Per Sq Ft

113 Days on Market

Highlights

  • 0.17 Acre Lot
  • Laundry Room
  • Wall Furnace
  • Cooling System Mounted To A Wall/Window

About This Home

As of September 2020

5.25% CAP on Actual Rents (ALL INCOME VERIFIED)
All Rents Guaranteed for full lease period of 1 year

TURNKEY ASSET!

New Roof, Full Re-pipe, Rewired, New Panels, New Interiors, New Water Heaters, New AC Units. Not a single thing left undone on this property. You have a brand new building. Beautifully remodeled, Turnkey (7)-unit asset located in Downtown Long Beach, 1220 Cedar Ave. is the perfect investment for any owner looking to own a stabilized and income producing property. The Cedar apartments have undergone a complete renovation in 2020 and will be delivered at a 5.25% cap. 1220 Cedar Ave. is a sizeable 5,324 Sq.Ft and is comprised of (3) 2-bedroom/1-bath & (4) 1-bedroom/1-bath units. All units are equipped with brand new bathrooms, kitchens, and flooring. Other interior upgrades include new dishwashers, air conditioning, and Quartz counter tops. Major systems upgrades feature a fully painted exterior, a full copper re-pipe, and new electrical system. Additionally, there are (5) single car garages at the rear of the property, as well as on-site laundry available for tenants. The Cedar apartments have ideal location only minutes from both the 710 Freeway and $6 Billion in development flowing to Downtown Long Beach. This is a perfect opportunity for any buyer looking to own a pristine, stabilized, cash flowing asset in the rapidly growing city of Long Beach.

Last Agent to Sell the Property

Cameron Samimi

Lyon Stahl Investment Real Estate, Inc. License #02035763 Listed on: 06/02/2020

Lyon Stahl Investment Real Estate, Inc.

Last Buyer's Agent

Ramon Chavez

Dreamwork Realty Inc. License #00938353

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1921

Lot Details

  • 7,494 Sq Ft Lot
  • Two or More Common Walls
  • Density is up to 1 Unit/Acre

Parking

  • 5 Car Garage

Home Design

  • 5,324 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 10 Bedrooms
  • 7 Bathrooms

Outdoor Features

  • Exterior Lighting
  • Rain Gutters

Utilities

  • Cooling System Mounted To A Wall/Window
  • Wall Furnace

Additional Features

  • Laundry Room
  • Urban Location

Listing and Financial Details

  • Legal Lot and Block 9 / 1
  • Tax Tract Number 46
  • Assessor Parcel Number 7272001010

Community Details

Overview

  • 2 Buildings
  • 7 Units
  • Willmore District Subdivision

Amenities

  • Laundry Facilities

Building Details

  • Rent Control
  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • 1 Separate Water Meter
  • Operating Expense $45,169
  • Gross Income $153,420
  • Net Operating Income $103,649

Property Details

Home Type

Multi-Family

Year Built

Built in 1921

Lot Details

0

Parking

5

Listing Details

  • CapRate: 5.25
  • Property Attached: Yes
  • Subdivision Name Other: Willmore District (WM)
  • Zoning: LBPD10
  • Property Type: Residential Income
  • Parcel Number: 7272001010
  • Year Built: 1921
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 2+ Common Walls
  • Price Per Square Foot: 356.87

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 5.00
  • Total Parking Spaces: 5.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Wall Furnace
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Water Source: Public
  • Cooling: Wall/Window Unit(s)
  • Cooling: Yes

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Curbs, Gutters, Sidewalks, Street Lights, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 7494.00
  • Lot Size Acres: 0.1720

Multi Family

  • Gross Income: 153420.00
  • Gross Multiplier: 12.87
  • Gross Scheduled Income: 153420.00
  • Lot Size Area: 7494.0000 Square Feet
  • Net Operating Income: 103649.00
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 7
  • Operating Expense: 45169.00
  • Rent Control: Yes
  • Total Expenses: 45169.00

Tax Info

  • Tax Block: 1
  • Tax Census Tract: 5758.03
  • Tax Lot: 9
  • Tax Tract Number: 46

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/23/2020 09/23/20 Sold $1,900,000 -3.8% $357 / Sq Ft
07/22/2020 07/22/20 Price Changed $1,975,000 -1.2% $371 / Sq Ft
07/09/2020 07/09/20 Price Changed $1,999,000 -1.3% $375 / Sq Ft
06/22/2020 06/22/20 Price Changed $2,025,000 -1.2% $380 / Sq Ft
06/02/2020 06/02/20 For Sale $2,050,000 +64.0% $385 / Sq Ft
08/06/2019 08/06/19 Sold $1,250,000 0.0% $235 / Sq Ft
06/24/2019 06/24/19 Pending -- -- --
06/18/2019 06/18/19 Off Market $1,250,000 -- --
06/16/2019 06/16/19 For Sale $1,199,000 -- $225 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Cameron Samimi

    Seller's Agent in 2020

    Cameron Samimi

    Lyon Stahl Investment Real Estate, Inc.

    (310) 259-7556

    2 in this area

    182 Total Sales

    Section Image

  • R

    Buyer's Agent in 2020

    Ramon Chavez

    Dreamwork Realty Inc.

    (213) 359-0669

    1 in this area

    41 Total Sales

    Section Image
  • Lorri Quiett

    Seller's Agent in 2019

    Lorri Quiett

    Vylla Home, Inc.

    (562) 682-3130

    140 Total Sales

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB20105306

California Regional Multiple Listing Service (CRMLS)

California Los Angeles County Long Beach 90813 Willmore

1220 Cedar Ave, Long Beach, CA

This home is located at 1220 Cedar Ave, Long Beach, CA 90813 since 02 June 2020. This property was built in 1921. 1220 Cedar Ave is a home located in Los Angeles County with nearby schools including Oropeza Elementary, Washington Middle School, and Juan Rodriguez Cabrillo High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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