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Multifamily

442 Cedar Ave

442 Cedar Ave, Long Beach, CA 90802

Listing Price: $3,520,000

Cap Rate
3.01%
Number of Units
22
GRM
14.82
Price/Unit
$160,000
Price/Gross SF
$362.92
Gross SF
9,699

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present 442 Cedar Avenue, a 22-unit multifamily investment opportunity located in Long Beach, CA. The property offers a mix of studio, one, and two-bedroom floor plans with amenities including security doors, gated access, and four garage spaces.

With current rents well below market rates, 442 Cedar Avenue represents a true value-add opportunity with strong upside potential. Long Beach boasts continued strong rental metrics, including a 2022 vacancy rate of just 4 percent and year-over-year rent growth of 8.5 percent. New ownership has the unique opportunity to take advantage of continued positive market conditions through the completion of a comprehensive renovation program, enabling ownership to achieve significant rental premiums compared to similar non-renovated units.

442 Cedar Avenue is situated in a fantastic Downtown Long Beach location, surrounded by an abundance of retail, dining, and entertainment options, as well as employers. Additionally, the property’s close proximity to Interstate 710 provides convenient access to the Port of Long Beach and the Port of Los Angeles, two of the busiest ports in the world and a major employment hub for the region. Furthermore, 442 Cedar Avenue is within close proximity of all three levels of education.

In summary, 442 Cedar Avenue’s fantastic location offers residents a wide variety of activities, employment, transportation, and retail amenities, all of which will attract a diverse renter pool. With substantial upside and strong rental metrics, 442 Cedar Avenue represents an attractive opportunity for a new owner to achieve significant growth.

Investment Highlights

  • Offers a Mix of Studio, One, & Two-Bedroom Floor Plans
  • Gated Access & Security Doors
  • Four Garage Spaces Provide a Potential Additional Revenue Stream
  • Excellent Location, Within Walking Distance of Downtown Long Beach, the City's Cultural & Financial Hub
  • Close Proximity to the Abundance of Retail, Dining, & Entertainment Options at the Pike Outlets
  • Just Over 0.50 Miles from St. Mary Medical Center, the 8th Top Employer in Long Beach with Over 1,500 Employees
  • Within 1 Mile of Alamitos Beach, the Long Beach Convention Center, & the Shoreline Marina
  • Situated Near Interstate 710 & the Pacific Avenue Station, Providing Residents with Convenient Access Throughout Los Angeles County

Exclusively Listed By

Financing By

Multifamily

442 Cedar Ave

Listing Price: $3,520,000

Cap Rate
3.01%
Number of Units
22
GRM
14.82
Price/Unit
$160,000
Price/Gross SF
$362.92
Gross SF
9,699

Investment Highlights

  • Offers a Mix of Studio, One, & Two-Bedroom Floor Plans
  • Gated Access & Security Doors
  • Four Garage Spaces Provide a Potential Additional Revenue Stream
  • Excellent Location, Within Walking Distance of Downtown Long Beach, the City's Cultural & Financial Hub
  • Close Proximity to the Abundance of Retail, Dining, & Entertainment Options at the Pike Outlets
  • Just Over 0.50 Miles from St. Mary Medical Center, the 8th Top Employer in Long Beach with Over 1,500 Employees
  • Within 1 Mile of Alamitos Beach, the Long Beach Convention Center, & the Shoreline Marina
  • Situated Near Interstate 710 & the Pacific Avenue Station, Providing Residents with Convenient Access Throughout Los Angeles County

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present 442 Cedar Avenue, a 22-unit multifamily investment opportunity located in Long Beach, CA. The property offers a mix of studio, one, and two-bedroom floor plans with amenities including security doors, gated access, and four garage spaces. With current rents well below market rates, 442 Cedar Avenue represents a true value-add opportunity with strong upside potential. Long Beach boasts continued strong rental metrics, including a 2022 vacancy rate of just 4 percent and year-over-year rent growth of 8.5 percent. New ownership has the unique opportunity to take advantage of continued positive market conditions through the completion of a comprehensive renovation program, enabling ownership to achieve significant rental premiums compared to similar non-renovated units. 442 Cedar Avenue is situated in a fantastic Downtown Long Beach location, surrounded by an abundance of retail, dining, and entertainment options, as well as employers. Additionally, the property’s close proximity to Interstate 710 provides convenient access to the Port of Long Beach and the Port of Los Angeles, two of the busiest ports in the world and a major employment hub for the region. Furthermore, 442 Cedar Avenue is within close proximity of all three levels of education. In summary, 442 Cedar Avenue’s fantastic location offers residents a wide variety of activities, employment, transportation, and retail amenities, all of which will attract a diverse renter pool. With substantial upside and strong rental metrics, 442 Cedar Avenue represents an attractive opportunity for a new owner to achieve significant growth.

Exclusively Listed By

Financing By

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