Seller's Agent in 2020
Cameron Samimi
Lyon Stahl Investment Real Estate, Inc.
(310) 259-7556
1 in this area
201 Total Sales
1220 Cedar Ave Long Beach, CA 90813
Willmore Neighborhood
10
Beds
7
Baths
5,324
Sq Ft
7,494
Sq Ft Lot Lot
Highlights
- 0.17 Acre Lot
- Laundry Room
- Wall Furnace
- Cooling System Mounted To A Wall/Window
About This Home
As of September 20205.25% 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
Lyon Stahl Investment Real Estate, Inc. License #02035763 Listed on: 06/02/2020
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
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 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 | View Prior Sale |
| 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
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $27,657 | $2,056,619 | $1,336,802 | $719,817 |
| 2024 | $26,445 | $2,016,294 | $1,310,591 | $705,703 |
| 2023 | $25,998 | $1,976,760 | $1,284,894 | $691,866 |
| 2022 | $24,402 | $1,938,000 | $1,259,700 | $678,300 |
| 2021 | $23,910 | $1,900,000 | $1,235,000 | $665,000 |
| 2020 | $16,279 | $1,250,600 | $810,000 | $440,600 |
| 2019 | $2,809 | $128,568 | $47,295 | $81,273 |
| 2018 | $2,645 | $126,060 | $46,368 | $79,692 |
| 2016 | $2,419 | $120,590 | $44,568 | $76,022 |
| 2015 | $2,348 | $118,780 | $43,899 | $74,881 |
| 2014 | $2,377 | $116,455 | $43,040 | $73,415 |
Source: Public Records
Agents Affiliated with this Home
-
Cameron Samimi
-
Ramon Chavez
R
Buyer's Agent in 2020
Ramon Chavez
Dreamwork Realty Inc.
(213) 359-0669
39 Total Sales
-
Lorri Quiett
Seller's Agent in 2019
Lorri Quiett
Vylla Home, Inc.
(562) 682-3130
116 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB20105306
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.
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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