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1019 Cedar Ave Long Beach, CA 90813

$6,680,000 Sold Price as of 11/09/2021

30 Beds
26 Baths
15,566 Sq.Ft.

Sold

$6,680,000 Sold Price as of 11/09/2021 Refinance Your Mortgage

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Map preview of 1019 Cedar Ave, Long Beach, CA 90813

Property Overview: 1019 Cedar Ave Long Beach, CA has 30 bedrooms, 26 bathrooms, 15,566 living square feet and 14,741 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 1019-1027 Cedar Avenue is a 26-unit turn-key property in the up-and-coming Willmore City Historic District, just north of Downtown Long Beach. The property offers 22 one-bedroom/one-bath and 4 two-bedroom/one-bath units. All units were extensively remodeled in the past two years with new custom kitchen cabinetry, quartz countertops, stainless steel appliances, new bathroom vanities, and modern lighting. Select units feature all vinyl plank flooring; others feature a mix of vinyl plank flooring and carpet. The building also offers a community courtyard with BBQ and outdoor furniture, as well as on-site laundry facilities and 14 garages. This property is in very close proximity to all of the exciting amenities and employment opportunities in Downtown Long Beach. The location is popular for commuters because it provides easy access to the 710 and 405 freeways as well as the Metro Blue Line which runs between Downtown Long Beach and Downtown Los Angeles, with 22 stops along the way. 1019-1027 Cedar Avenue offers an investor the opportunity to own a remodeled, turn-key asset in a growing area adjacent to booming Downtown Long Beach.

Listed by Robert Stepp | BRE #01456379 | Keller Williams - Santa Monica
Co-listed by Mark Witsken | BRE #01884724 | Keller Williams-Santa Monica

Last checked: 16 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 35

Home details

Lot Sq. Ft: 14,741
HOA Dues: $0/mo
Year built: 1961
Garage: 14 Car
Property Type:: Multi Family

Status: Sold
MLS#: PW21197284
City: Long Beach
County: Los Angeles
Time on Site: 984 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 26
Total # of Buildings: 2
# of Electric Meters: 28
# of Gas Meters: 28
# of Water Meters: 2

Unit Breakdown 1

# of Units: 22
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,493
Total Rent: $32,846
Pro Forma/Market Rent: $1,600

Unit Breakdown 2

# of Units: 4
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,845
Total Rent: $7,380
Pro Forma/Market Rent: $1,950

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $516,860
Net Operating Income: $323,403
Gross Operating Income: --

Annual Expense Breakdown

Total Operating Expense: $167,614
Electric: $3,449
Gas/Fuel: $3,449
Licenses: $1,052
New Taxes: $85,176
Trash: $3,449
Gardener: $2,000
Insurance: $8,561
Maintenance: $23,400
Professional Management: $27,000
Water/Sewer: $3,449
Other Expenses: $5,200
Other Expense Description: Reserves

Property Details for 1019 Cedar Ave

Interior Features

Laundry Information

Has Laundry
Community

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 14
# of Parking Spaces: 14
Has Parking
Parking Features: Garage

Lot Information

Lot Features: 26-30 Units/Acre
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 26
Parcel Number: 7272006015
Year Built Source: Assessor
Property is Attached
Has Additional Parcels

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Directions: Magnolia Ave & W 10th St

Neighborhood Information

Community Features: Urban

View more facts & features

Local Long Beach Agent

Sale History for 1019 Cedar Ave

Last sold for $6,680,000 on November 9th, 2021

September, 2021
Sep 7, 2021

Date

Active

CRMLS: PW21197284

$6,750,000

Price
January, 2020
Jan 7, 2020

Date

Sold

CRMLS: PW19179645

$6,300,000

Price
Nov 11, 2019

Date

Pending

CRMLS: PW19179645

$6,500,000

Price
Jul 29, 2019

Date

Active

CRMLS: PW19179645

$6,500,000

Price
Listing provided courtesy of CRMLS

1019-1027 Cedar Avenue is a 26-unit turn-key property with 14 parking garages in the up-and-coming Willmore City Historic District, just north of Downtown Long Beach. The property offers 22 one-bedroom/one-bath and 4 two-bedroom/one- bath units. All units are completely remodeled with new wood laminate flooring, custom cabinetry, quartz countertops, stainless steel appliances, new bathroom vanities, and modern lighting and fixtures throughout. The building also features 14 garages, a community courtyard with BBQ and dining facilities and on-site laundry facilities. This property is in very close proximity to all of the exciting amenities and employment opportunities in Downtown Long Beach. This location is popular for commuters because it offers easy access to the 710 and 405 freeways as well as the Metro Blue Line which runs between Downtown Long Beach and Downtown Los Angeles, with 22 stops along the way. 1019-1027 Cedar Avenue offers an investor the opportunity to own a completely remodeled, turn-key asset in a growing area adjacent to booming Downtown Long Beach. Willmore is one of Long Beach's oldest neighborhoods, located on DTLB's western edge and bordering the L.A. River. Here you'll find a large concentration of turn- of-the-century homes. The Willmore neighborhood reflects Long Beach's past, present and future.

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January, 2020
Jan 3, 2020

Date

Sold (Public Records)

Public Records

$6,300,000

Price
May, 2017
May 17, 2017

Date

Sold (Public Records)

Public Records

$4,115,000

Price

Tax History for 1019 Cedar Ave

Assessed Value (2020): $2,018,374

Year	Land Value	Improved Value	Assessed Value
2020	$1,528,139	$490,235	$2,018,374

Home Value Compared to the Market

This property vs the competition

1019 Cedar Ave sold on November 9, 2021 for 743.75% higher than the current median sold price for the city of Long Beach which is $800,000. The median sold price per/sqft for Long Beach is $632 and this home is sold at $433.64 per/sqft which puts the price per square foot 31.39% lower than the current median sale per square foot for the city of Long Beach.

About 1019 Cedar Ave

Detailed summary of property

1019 Cedar Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 30 bedrooms, 26 bathrooms, roughly 15,566 living square feet, and sits on an approximately 14,741 square foot lot. 1019 Cedar Ave was first listed on ArdentRealEstateGroup.com on September 7, 2021. The homeowner sold the property for $6,680,000. Home in Long Beach are selling for a median price of $800,000 and a median price per square foot of $632. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 743.75% higher than the current median priced home. Local homes that are currently for sale include 1975 S Corning St, 1651 Redcliff St and 3704 Glendon Ave. While the average home in Long Beach, CA is selling in 51 days, 1019 Cedar Ave has a days on market of 35 days. There are currently 639 homes for sale in the Long Beach real estate market and 366 of them are single family homes while 259 of them are condos and 14 are townhomes. For more information on this home for sale at 1019 Cedar Ave Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1019 Cedar Ave

Public county record property details

Beds: 14
Baths: 12
Year built: 1961
Sq. Ft.: 7,503
Lot Size: 7,171
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 6
APN: 7272-006-015

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$570,000

Median List Price/Sq.Ft.

$546

Median Sold Price

$584,000

Median Sold Price/Sq.Ft.

$592

Total Inventory

Median Sale to List Price %

108.35%

Avg Days on Market

Loan Type

Conventional (80%), FHA (10%), VA (10%), Cash (0%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.