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1516 Cedar Ave, Long Beach, CA 90813
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1516 Cedar Ave Long Beach, CA 90813

$1,500,000 Sold Price as of 12/15/2020
  • 11 Beds
  • 5 Baths
  • 4,495 Sq.Ft.
Sold
$1,500,000 Sold Price as of 12/15/2020 Refinance Your Mortgage
Map preview of 1516 Cedar Ave, Long Beach, CA 90813

Property Overview: 1516 Cedar Ave Long Beach, CA has 11 bedrooms, 5 bathrooms, 4,495 living square feet and 8,046 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Pleased to present 1516 Cedar Ave, a meticulously renovated apartment complex in Long Beach, California. The seller spent roughly $250,000 on a full remodel completed in 2019. Located in the path of progress as there are over 750 new construction units within a .25 mile radius. The subject property offers five spacious units comprised of two (2) 3-bd/1-ba, two (2) 2-bd/1-ba and one (1) 1-bd/1-ba across two buildings totaling 4,495 square feet. Situated on an oversized 8,046 square foot lot, 1516 Cedar boasts an 87 walk score and has a courtyard with drought resistant landscaping providing a desirable open-air space for the residents. Every unit has brand-new front-loading washers and dryers and there are four (4) garages. Extensive interior renovations at a cost of over $35,000/unit include all new copper plumbing, electrical wiring & meters, kitchens, bathrooms, doors, drywall, flooring, paint, trim, lighting and fixtures throughout. Exterior renovations include new roofing, paint, rear stairway, dual pane & double hung windows, garage doors and removal of several trees. 1516 Cedar Avenue’s location, cashflow and high-end renovations provides an investor with the opportunity to own a brand-new condition asset that will minimize their cost and maximize their return over a long investment horizon.

Listed by Christopher Van Vuuren | BRE #02060007 | Lyon Stahl Investment Real Estate, Inc.
Last checked: 4 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 17

Home details

Lot Sq. Ft
8,046
HOA Dues
$0/mo
Year built
1915
Garage
4 Car
Property Type:
Multi Family
Status
Sold
MLS#
SB20227183
City
Long Beach
County
Los Angeles
Time on Site
1299 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 5
  • Total # of Buildings: 2
  • # of Electric Meters: 5
  • # of Gas Meters: 5
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,295
  • Total Rent: $2,295
  • Pro Forma/Market Rent: $2,425
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,290
  • Total Rent: $2,290
  • Pro Forma/Market Rent: $2,425
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,020
  • Total Rent: $2,020
  • Pro Forma/Market Rent: $2,195
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,950
  • Total Rent: $1,950
  • Pro Forma/Market Rent: $2,195
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,595
  • Total Rent: $1,595
  • Pro Forma/Market Rent: $1,650
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.42%
  • Gross Rent Multiplier: 12.93
  • Gross Scheduled Income: $121,800
  • Net Operating Income: $85,400
  • Gross Operating Income: --
  • # of Rented Garages: 1
  • Garage Rental Rate: $100
  • Garage Rental Income: $1,200
  • Other Income 1: $1,200
  • Other Income Description: Pet
Annual Expense Breakdown
  • Total Operating Expense: $35,146
  • Electric: $225
  • Gas/Fuel: $0
  • New Taxes: $19,928
  • Trash: $0
  • Insurance: $2,556
  • Professional Management: $6,027
  • Water/Sewer: $1,602

Property Details for 1516 Cedar Ave

Interior Features
Heating Information
  • Has Heating
  • Wall Furnace
Laundry Information
  • Has Laundry
  • Dryer Included, Inside, Stackable, Washer Included
Room Information
  • Flooring: Laminate, Tile
Kitchen Information
  • Has Appliances
  • Dishwasher, Disposal, Gas Oven, Gas Range, Microwave, Range Hood, Water Heater
Interior Features
  • Copper Plumbing Full, Granite Counters, Wainscoting
  • Levels: Two
  • Window Features: Double Pane Windows
  • Security Features: Carbon Monoxide Detector(s), Gated Community, Smoke Detector(s)
Exterior Features
Exterior Information
  • Roof: Composition
  • Lighting, Rain Gutters
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 4
  • # of Parking Spaces: 4
  • Has Parking
  • Parking Features: Garage Faces Rear
Lot Information
  • Lot Features: Lot 6500-9999
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 5
  • Parcel Number: 7269002010
  • Year Built Source: Assessor
  • Foundation Details: Raised
  • Property is Attached
  • Property Condition: Turnkey
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Downtown (DT)
  • Directions: W on Anaheim, N on Cedar
Neighborhood Information
  • Community Features: Curbs, Gutters, Sidewalks, Street Lights
View more facts & features

Local Long Beach Agent

Sale History for 1516 Cedar Ave

Last sold for $1,500,000 on December 15th, 2020

  • December, 2020

  • Dec 15, 2020

    Date

    Sold

    CRMLS: SB20227183

    $1,500,000

    Price

  • Dec 3, 2020

    Date

    Pending

    CRMLS: SB20227183

    $1,575,000

    Price

  • Nov 13, 2020

    Date

    Active Under Contract

    CRMLS: SB20227183

    $1,575,000

    Price

  • Oct 28, 2020

    Date

    Active

    CRMLS: SB20227183

    $1,575,000

    Price

  • December, 2020

  • Dec 15, 2020

    Date

    Sold (Public Records)

    Public Records

    $1,500,000

    Price

  • March, 2018

  • Mar 16, 2018

    Date

    Sold (Public Records)

    Public Records

    $900,000

    Price

Show More

Tax History for 1516 Cedar Ave

Assessed Value (2020): $936,900
Year Land Value Improved Value Assessed Value
2020 $416,160 $520,740 $936,900

Home Value Compared to the Market

This property vs the competition

1516 Cedar Ave sold on December 15, 2020 for 96.88% 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 $350.39 per/sqft which puts the price per square foot 44.56% lower than the current median sale per square foot for the city of Long Beach.

About 1516 Cedar Ave

Detailed summary of property

1516 Cedar Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 11 bedrooms, 5 bathrooms, roughly 4,495 living square feet, and sits on an approximately 8,046 square foot lot. 1516 Cedar Ave was first listed on ArdentRealEstateGroup.com on October 28, 2020. The homeowner sold the property for $1,500,000. 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 96.88% higher than the current median priced home. Local homes that are currently for sale include 1615 Cherry Ave, 1825 Cherry Ave and 436 Gaviota Ave. While the average home in Long Beach, CA is selling in 51 days, 1516 Cedar Ave has a days on market of 17 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 1516 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 1516 Cedar Ave

Public county record property details
Beds
4
Baths
5
Year built
1915
Sq. Ft.
4,434
Lot Size
8,046
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
19-21
APN
7269-002-010

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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