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338 Cedar Ave, Long Beach, CA 90802
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338 Cedar Ave Long Beach, CA 90802

$4,500,000
  • 29 Beds
  • 25.5 Baths
  • 10,150 Sq.Ft.
For Sale
$4,500,000 Get Pre-Qualified
Map preview of 338 Cedar Ave, Long Beach, CA 90802

Property Overview: 338 Cedar Ave Long Beach, CA has 29 bedrooms, 25.5 bathrooms, 10,150 living square feet and 7,503 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: 338 Cedar Avenue is a 17-unit apartment asset in Downtown Long Beach. The property is offered at 11.42 GRM on current rents. The property is comprised of (2) three- bedroom units, (5) two-bedroom units, and (10) one-bedroom units. All of the units have been fully remodeled with recessed lighting, new flooring, new kitchen countertops, cabinetry, and stainless steel appliance, new bathroom vanities, tiling, and modern fixtures and features throughout. All renovated units offer in-unit washers and dryers. The property is located in prime Downtown Long Beach, steps from a plethora of retail and dining amenities as well as the $520M, 22-acre Civic Center redevelopment, and a two-minute walk to the Metro A Blue Line Pacific Station stop.

Listed by Robert Stepp | BRE #01456379 | Keller Williams - Santa Monica
Last checked: 3 seconds ago | Last updated: March 28th, 2024 | Source CRMLS | DOM: 200
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Home details

Lot Sq. Ft
7,503
HOA Dues
$0/mo
Year built
1918
Garage
--
Property Type:
Mixed Use
Status
Active
MLS#
PW23183991
City
Long Beach
County
Los Angeles
Time on Site
207 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 17
  • Total # of Buildings: 2
  • # of Electric Meters: 17
  • # of Gas Meters: 0
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,697
  • Total Rent: $5,091
  • Pro Forma/Market Rent: $195
Unit Breakdown 2
  • # of Units: 10
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,659
  • Total Rent: $16,590
  • Pro Forma/Market Rent: $1,795
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,195
  • Total Rent: $2,195
  • Pro Forma/Market Rent: $2,500
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,195
  • Total Rent: $2,195
  • Pro Forma/Market Rent: $2,500
Unit Breakdown 5
  • # of Units: 3
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,462
  • Total Rent: $7,386
  • Pro Forma/Market Rent: $2,528
Unit Breakdown 6
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,148
  • Total Rent: $4,296
  • Pro Forma/Market Rent: $2,395
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.62%
  • Gross Rent Multiplier: 11.42
  • Gross Scheduled Income: $393,920
  • Net Operating Income: $252,823
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $129,279
  • Electric: $2,510
  • Gas/Fuel: $4,627
  • Licenses: $1,000
  • New Taxes: $55,885
  • Trash: $424
  • Gardener: $1,200
  • Insurance: $10,200
  • Maintenance: $11,900
  • Professional Management: $19,105
  • Water/Sewer: $10,328
  • Other Expenses: $5,100
  • Other Expense Description: Reserves

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Property Details for 338 Cedar Ave

Interior Features
Laundry Information
  • Has Laundry
  • Inside
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: 16-20 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 17
  • Parcel Number: 7280015006
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Downtown (DT)
  • Directions: Pacific Ave & Cedar Ave
Neighborhood Information
  • Community Features: Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 338 Cedar Ave

Last sold for $3,590,000 on March 14th, 2018

  • October, 2023

  • Oct 3, 2023

    Date

    Active

    CRMLS: PW23183991

    $4,750,000

    Price

  • March, 2018

  • Mar 14, 2018

    Date

    Sold (Public Records)

    Public Records

    $3,590,000

    Price

  • December, 2001

  • Dec 11, 2001

    Date

    Sold (Public Records)

    Public Records

    --

    Price

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Tax History for 338 Cedar Ave

Assessed Value (2020): $3,739,136
Year Land Value Improved Value Assessed Value
2020 $2,611,404 $1,127,732 $3,739,136

Home Value Compared to the Market

This property vs the competition

338 Cedar Ave is listed 462.57% higher than the median list price for the city of Long Beach which has a median list price of $799,900. The median price per/sqft for Long Beach is $637 and this home is listed at $443.35 per/sqft which puts the price per square foot 30.4% lower than the median price per square foot for the city of Long Beach.

About 338 Cedar Ave

Detailed summary of property

338 Cedar Ave is a mixed use located in Long Beach, CA 90802 and is currently for sale. This mixed use property offers 29 bedrooms, 25.5 bathrooms, roughly 10,150 living square feet, and sits on an approximately 7,503 square foot lot. 338 Cedar Ave was first listed on ArdentRealEstateGroup.com on October 3, 2023. The homeowner is currently asking $4,500,000 and was originally asking $4,750,000. The median priced home in Long Beach is $799,900 with a median price per square foot of $637. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 462.57% higher than the median priced home. Local competing homes currently for sale include 2109-2113 E Westport Dr, 423 N Harvard Blvd and 2658 Santa Ana Ave. While the average home in Long Beach, CA is selling in 54 days, 338 Cedar Ave has a days on market of 200 days. There are currently 593 homes for sale in the Long Beach real estate market and 338 of them are single family homes while 242 of them are condos and 13 are townhomes. For more information on this home for sale at 338 Cedar Ave Long Beach, CA 90802 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 338 Cedar Ave

Public county record property details
Beds
24
Baths
18
Year built
1918
Sq. Ft.
10,164
Lot Size
7,500
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
10,12
APN
7280-015-006

The source for these homes facts are from public records.

90802 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$525,000
Median List Price/Sq.Ft.
$625
Median Sold Price
$505,000
Median Sold Price/Sq.Ft.
$634
Total Inventory
121
Median Sale to List Price %
96.19%
Avg Days on Market
34
Loan Type
Conventional (50%), FHA (3.57%), VA (3.57%), Cash (28.57%), Other (10.71%)

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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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