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619 Cedar Ave, Long Beach, CA 90802
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619 Cedar Ave Long Beach, CA 90802

$600,000
  • 1 Beds
  • 3 Baths
  • 1,526 Sq.Ft.
For Sale
$600,000 Get Pre-Qualified
Map preview of 619 Cedar Ave, Long Beach, CA 90802

Property Overview: 619 Cedar Ave Long Beach, CA has 1 bedrooms, 3 bathrooms, 1,526 living square feet and 7,501 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: Discover a prime opportunity in the heart of Downtown Long Beach with this unique offering of three Own-Your-Own units at 619 Cedar Avenue. This bundle includes two studio apartments and a single 1-bedroom unit. Perfectly positioned within walking distance to Pine Avenue's vibrant dining and entertainment scene, and close to metro rail services, these units are primed for solid rental demand. Currently, rents are below market value, offering significant upside potential with a proforma cap rate of 6.5%. Ideal for those looking to capitalize on Long Beach's dynamic rental market, these units present a chance to secure a low-maintenance property with a high return on investment.

Listed by Mark Kelaidis | BRE #01920052 | Pacific Sotheby's Int'l Realty
Co-listed by Nikko Kelaidis | BRE #02007389 | Pacific Sotheby's International Realty
Last checked: 7 minutes ago | Last updated: April 20th, 2024 | Source CRMLS | DOM: 11
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Home details

Lot Sq. Ft
7,501
HOA Dues
$0/mo
Year built
1955
Garage
--
Property Type:
Own Your Own
Status
Active
MLS#
OC24078744
City
Long Beach
County
Los Angeles
Time on Site
13 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 3
  • Total # of Buildings: 1
  • # of Leased Units: 3
  • # of Electric Meters: 3
  • # of Gas Meters: 3
  • # of Water Meters: 3
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,350
  • Total Rent: $1,350
  • Pro Forma/Market Rent: $1,400
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,395
  • Total Rent: $1,395
  • Pro Forma/Market Rent: $1,400
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,200
  • Total Rent: $1,200
  • Pro Forma/Market Rent: $1,850
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.1%
  • Gross Rent Multiplier: 12.67
  • Gross Scheduled Income: $47,340
  • Net Operating Income: $30,664
  • Gross Operating Income: $45,920
Annual Expense Breakdown
  • Total Operating Expense: $7,756
  • Electric: $0
  • Trash: $0
  • Insurance: $1,200
  • Maintenance: $2,296
  • Water/Sewer: $0
  • Other Expenses: $4,260
  • Other Expense Description: HOA Dues

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Property Details for 619 Cedar Ave

Interior Features
Laundry Information
  • Has Laundry
  • Community
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: Near Public Transit
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 3
  • Parcel Number: 7272022038
  • 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: From W 7th Street, Turn South on Cedar Avenue.
Neighborhood Information
  • Community Features: Urban
View more facts & features

Local Long Beach Agent

Sale History for 619 Cedar Ave

View property's historical transactions

  • April, 2024

  • Apr 19, 2024

    Date

    Active

    CRMLS: OC24078744

    $600,000

    Price

Tax History for 619 Cedar Ave

Assessed Value (2020): $6,231
Year Land Value Improved Value Assessed Value
2020 $4,365 $1,866 $6,231

Home Value Compared to the Market

This property vs the competition

619 Cedar Ave is listed 24.99% lower 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 $644 and this home is listed at $393.18 per/sqft which puts the price per square foot 38.95% lower than the median price per square foot for the city of Long Beach.

About 619 Cedar Ave

Detailed summary of property

619 Cedar Ave is a own your own located in Long Beach, CA 90802 and is currently for sale. This own your own property offers 1 bedrooms, 3 bathrooms, roughly 1,526 living square feet, and sits on an approximately 7,501 square foot lot. 619 Cedar Ave was first listed on ArdentRealEstateGroup.com on April 20, 2024. The homeowner is currently asking $600,000. The median priced home in Long Beach is $799,900 with a median price per square foot of $644. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 24.99% lower than the median priced home. Local competing homes currently for sale include 300 S Pecan St, 420 S San Pedro St #420 and 1100 S Hope St #510. While the average home in Long Beach, CA is selling in 54 days, 619 Cedar Ave has a days on market of 11 days. There are currently 610 homes for sale in the Long Beach real estate market and 349 of them are single family homes while 248 of them are condos and 13 are townhomes. For more information on this home for sale at 619 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 619 Cedar Ave

Public county record property details
Beds
--
Baths
--
Year built
1955
Sq. Ft.
158
Lot Size
7,500
Stories
--
Type
Misc Residential Improvement
Pool
No
Spa
No
County
Los Angeles
Lot#
--
APN
7272-022-054

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
$530,000
Median List Price/Sq.Ft.
$627
Median Sold Price
$540,000
Median Sold Price/Sq.Ft.
$627
Total Inventory
127
Median Sale to List Price %
102.86%
Avg Days on Market
37
Loan Type
Conventional (51.52%), FHA (3.03%), VA (3.03%), Cash (24.24%), Other (15.15%)

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Recently Sold Homes Near 619 Cedar Ave

543 Cedar Ave #1F, Long Beach, CA 90802
$200,000 Last Sold Price
1 Beds
1 Baths
721 Sq.Ft.
543 Cedar Ave #1F
Long Beach, CA 90802
543 Cedar Ave #2B, Long Beach, CA 90802
$250,000 Last Sold Price
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1 Baths
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543 Cedar Ave #2B
Long Beach, CA 90802
543 Cedar Avenue #1C, Long Beach, CA 90802
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543 Cedar Avenue #1C
Long Beach, CA 90802
626 Chestnut Ave #1, Long Beach, CA 90802
$239,000 Last Sold Price
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606 Sq.Ft.
626 Chestnut Ave #1
Long Beach, CA 90802

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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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