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833 Cedar Avenue, Long Beach, California 90813, Long Beach, 90813 - bed, bath

833 Cedar Avenue, Long Beach, California 90813 home-pic-0
ACTIVE$2,050,000
833 Cedar Avenue, Long Beach, California 90813
0Bed
0Bath
6,494Sqft
7,506Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
High Capitalization Rate: The property boasts a strong 8% capitalization rate, indicating excellent current income generation for investors.
Top Cons:
Age of Construction & Unspecified Systems: Built in 1931, while some upgrades are noted, other critical building systems (e.g., roof, electrical infrastructure, foundation) may require substantial future investment not detailed in the description.

Compared to the nearby listings

Price:$2.05M vs avg $2.05M (+$0)50%
Size:6,494 sqft vs avg 6,044 sqft60%
Price/sqft:$316 vs avg $32440%

More Insights

Built in 1931 (94 years old).
Condition: The property, built in 1931, has benefited from significant recent functional upgrades including 100% new plumbing (3-4 years ago) and new vinyl windows throughout, which are major positives. However, the interior images, particularly the kitchen, reveal very dated cabinetry (mint green, old style) and light fixtures, indicating a need for substantial aesthetic updates to meet current tenant expectations. While major systems are functional and updated, the overall style and condition of the unit interiors show signs of being outdated, aligning with the 'Fair' category where minor updates or repairs are required, and the home is aged but maintained with some components showing their age.
Year Built
1931
Close
-
List price
$2.05M
Original List price
$2.05M
Price/Sqft
$316
HOA
-
Days on market
-
Sold On
-
MLS number
DW25162594
Home ConditionFair
Features
View-

About this home

Great income at 8% cap rate! Beautiful Craftsmen Available in Downtown Long Beach! Discover an exceptional investment opportunity at 833 Cedar Avenue, a prominent 8-unit apartment building located in the heart of Long Beach. This unique multifamily property, just 5 minutes from the beach, boasts two buildings with a total of 6,494 square feet situated on a generous 7,506 square foot lot, offering significant rental income potential Recent upgrades enhance this property's appeal, including 100% new plumbing installed three to four years ago and new vinyl windows throughout. The conversion to electric heaters means tenants now cover their own heating costs, as they pay for electricity. Strategically zoned LBPD10, this property benefits from one of Long Beach's most desirable and flexible planning districts, allowing for higher density development. This prime location provides residents with excellent access to downtown Long Beach amenities, including diverse dining, entertainment, shopping, and public transportation options. With its robust unit count, considerable square footage, advantageous zoning, and recent improvements, 833 Cedar Avenue is an ideal acquisition for investors seeking a strong performing asset with potential for future upside in a dynamic Long Beach market

Price History

Date
Event
Price
02/12/99
Sold
$220,000
04/01/97
Sold
$145,000
07/03/06
Sold
$947,500
12/31/02
Sold
$420,000
Condition Rating
Fair
The property, built in 1931, has benefited from significant recent functional upgrades including 100% new plumbing (3-4 years ago) and new vinyl windows throughout, which are major positives. However, the interior images, particularly the kitchen, reveal very dated cabinetry (mint green, old style) and light fixtures, indicating a need for substantial aesthetic updates to meet current tenant expectations. While major systems are functional and updated, the overall style and condition of the unit interiors show signs of being outdated, aligning with the 'Fair' category where minor updates or repairs are required, and the home is aged but maintained with some components showing their age.
Pros & Cons

Pros

High Capitalization Rate: The property boasts a strong 8% capitalization rate, indicating excellent current income generation for investors.
Prime Downtown Long Beach Location: Situated in the heart of Downtown Long Beach, just 5 minutes from the beach, offering residents convenient access to diverse amenities, entertainment, shopping, and public transportation.
Favorable High-Density Zoning: Benefiting from LBPD10 zoning, this property allows for higher density development, presenting significant future upside and redevelopment potential.
Recent Major System Upgrades: Significant recent upgrades include 100% new plumbing (3-4 years ago) and new vinyl windows throughout, reducing immediate capital expenditure for a new owner.
Reduced Owner Operating Expenses: The conversion to electric heaters shifts heating costs to tenants, effectively reducing the owner's operational expenses and enhancing net income.

Cons

Age of Construction & Unspecified Systems: Built in 1931, while some upgrades are noted, other critical building systems (e.g., roof, electrical infrastructure, foundation) may require substantial future investment not detailed in the description.
Absence of Parking Information: The description does not mention dedicated on-site parking for an 8-unit building in a dense urban area, which could be a significant challenge for tenants and impact occupancy.
Potential Impact of Rent Control: As an 8-unit multi-family property in Long Beach, it is likely subject to California's rent control regulations, which could limit future rent increases and affect long-term income growth projections.

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