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Active Under Contract
2309 Cedar Avenue Long Beach, CA 90806
$4,600,000

Property listed by Coldwell Banker Realty, Betsy Hutchinson. IDX Contact: 562-804-1385

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  • David Oronoz

    David Oronoz

    Principal | Multifamily Investments

    DRE# 01838862

  • Bobby Aschtiani

    Bobby Aschtiani

    Principal | Multifamily Investments

    DRE# 02048373

  • Chris Pettit

    Chris Pettit

    Founder

    DRE# 01983950

Property Description

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!

Property Details & Features

Property Type

  • Residential Income

Year Built

  • 1962

House

  • Built in 1962
  • 6579 total building sqft
  • 2+ Common Walls

Community

  • Curbs
  • Gutter(s)
  • Street Lights
  • Sidewalks

Expenses

  • Electric Expense: $1,420
  • Operating Expense: $64,562
  • Water Sewer Expense: $9,154

Garage

  • 12 garage spaces

Income

  • Gross Income: 0
  • Gross Scheduled Income: 326460
  • Net Operating Income: 261898

Laundry

  • Common Area

Listing

  • Listing ID: PW22013010
  • 19 days on market
  • Listed on 2022-01-21
  • Rent controlled

Location

  • County: Los Angeles
  • Subdivision: Wrigley Area (WR)

Lot

  • 6500 sqft
  • 0.1492 acres
  • Area: 6500
  • Drip Irrigation/Bubblers
  • Front Yard
  • Sprinklers In Front
  • Lawn
  • Landscaped

Parking

  • 12 total parking spaces

Property

  • 2 buildings
  • 16 units
  • Property attached

Sewer

  • Public Sewer

Utilities

  • 16 separate electric meters
  • 16 separate gas meters
  • 2 separate water meters

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