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1217 Cedar Ave, Long Beach, CA 90813
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1217 Cedar Ave Long Beach, CA 90813

$2,895,000
  • 6 Beds
  • 14 Baths
  • 8,086 Sq.Ft.
For Sale
$2,895,000 Get Pre-Qualified
Map preview of 1217 Cedar Ave, Long Beach, CA 90813

Property Overview: 1217 Cedar Ave Long Beach, CA has 6 bedrooms, 14 bathrooms, 8,086 living square feet and 7,135 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 14 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI. Priced at 11.3X GRM and 5.6% CAP on current rents - with upside to a 5.9% CAP. The property is professionally managed and well maintained. Some units have updated kitchens, baths and flooring. The property also just received updated landscaping and paint. The building features and excellent unit mix for the area and is located blocks from $8BB worth of redevelopment in the Down Town Long Beach area. There is no onsite parking but there is onsite laundry. The electrical is Siemens - it's a 200 AMP main panel with 30 AMP subpanels (Buyer to verify). EMAIL LA FOR MORE INFO INCLUDING A CURRENT RENT ROLL AND ACTUAL EXPENSES.

Listed by Jonathan Swire | BRE #01336277 | The Agency
Last checked: 7 minutes ago | Last updated: May 7th, 2024 | Source CRMLS | DOM: 23
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Home details

Lot Sq. Ft
7,135
HOA Dues
$0/mo
Year built
1929
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24385989
City
Long Beach
County
Los Angeles
Time on Site
12 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 14
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 8
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,495
  • Total Rent: $495
  • Pro Forma/Market Rent: $1,495
Unit Breakdown 2
  • # of Units: 6
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,695
  • Total Rent: $1,695
  • Pro Forma/Market Rent: $1,695
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.6%
  • Gross Rent Multiplier: 11.3
  • Gross Scheduled Income: --
  • Net Operating Income: $161,000
  • Gross Operating Income: $256,000
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 1217 Cedar Ave

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Property Details for 1217 Cedar Ave

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • Has Heating
  • Wall Furnace
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: Multi/Split
Lot Details / Garage and Parking
Parking/Garage Information
  • No
  • Parking Features: None
Property Information
  • Total # of Units: 14
  • Parcel Number: 7272001023
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: 14 units in Long Beach close to downtown.
View more facts & features

Local Long Beach Agent

Sale History for 1217 Cedar Ave

Last sold for $2,585,000 on July 16th, 2021

  • April, 2024

  • Apr 23, 2024

    Date

    Active

    CRMLS: 24385989

    $2,895,000

    Price

  • July, 2021

  • Jul 16, 2021

    Date

    Sold

    CRMLS: RS21062765

    $2,585,000

    Price

  • Apr 13, 2021

    Date

    Active Under Contract

    CRMLS: RS21062765

    $2,549,000

    Price

  • Mar 25, 2021

    Date

    Active

    CRMLS: RS21062765

    $2,549,000

    Price

  • Listing provided courtesy of CRMLS

    14 Unit, 2 Story apartment complex located in Drake Park! Building has rentable area of approximately 6 One-bedroom apartments and 8 studios, 6,500 Sqft and is built on 7,050 sqft lot. Laundry and the units are individually metered for gas and electric.

  • August, 2018

  • Aug 15, 2018

    Date

    Sold

    CRMLS: PW18132925

    $2,127,500

    Price

  • Jun 13, 2018

    Date

    Pending

    CRMLS: PW18132925

    $2,200,000

    Price

  • Jun 5, 2018

    Date

    Active

    CRMLS: PW18132925

    $2,200,000

    Price

  • Listing provided courtesy of CRMLS

    1217 Cedar is a 14 unit, 2 story apartment complex located in Drake Park. With an attractive mix of 6 one-bedroom apartments and 8 studios, the property has been substantially improved by its current owner and is in a turn-key condition. The building has a rentable area of approximately 6,500 SQ/FT and is built on a 7,050 SQ/FT Lot. The property has onsite laundry and the units are individually metered for gas and electric.

  • August, 2018

  • Aug 15, 2018

    Date

    Sold (Public Records)

    Public Records

    $2,127,500

    Price

  • March, 2013

  • Mar 20, 2013

    Date

    Sold (Public Records)

    Public Records

    $980,000

    Price

Show More

Tax History for 1217 Cedar Ave

Assessed Value (2020): $2,171,490
Year Land Value Improved Value Assessed Value
2020 $1,519,800 $651,690 $2,171,490

Home Value Compared to the Market

This property vs the competition

1217 Cedar Ave is listed 262.33% higher than the median list price for the city of Long Beach which has a median list price of $799,000. The median price per/sqft for Long Beach is $643 and this home is listed at $358.03 per/sqft which puts the price per square foot 44.32% lower than the median price per square foot for the city of Long Beach.

About 1217 Cedar Ave

Detailed summary of property

1217 Cedar Ave is a multi family located in Long Beach, CA 90813 and is currently for sale. This multi family property offers 6 bedrooms, 14 bathrooms, roughly 8,086 living square feet, and sits on an approximately 7,135 square foot lot. 1217 Cedar Ave was first listed on ArdentRealEstateGroup.com on May 7, 2024. The homeowner is currently asking $2,895,000. The median priced home in Long Beach is $799,000 with a median price per square foot of $643. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 262.33% higher than the median priced home. Local competing homes currently for sale include 3316 E 3rd St, 4016 E Wilton and 830 Roswell Ave. While the average home in Long Beach, CA is selling in 51 days, 1217 Cedar Ave has a days on market of 23 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 1217 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 1217 Cedar Ave

Public county record property details
Beds
6
Baths
14
Year built
1929
Sq. Ft.
8,086
Lot Size
7,134
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
5,6
APN
7272-001-023

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
34
Median Sale to List Price %
108.35%
Avg Days on Market
23
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.

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