$2,200,000
1720 Cerritos Avenue Long Beach, CA 90813
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Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
$2,200,000
Est. payment /mo
6,074 SqFt
UPDATED:
11/05/2024 02:50 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,074 sqft
Price per Sqft $362
MLS Listing ID CRSB24222399
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1963
Lot Size 5,194 Sqft
Property Description
Current 6.62% cap rate and 10.69 GRM! Meticulously remodeled with high-end finishes. Come see this beautiful 7 unit building with best unit mix you can ask for. 1720 Cerritos is comprised of (6) 2Bed+1Bath and (1) 3Bed+1.5Bath units. Two units are currently vacant and there is an opportunity to add significant value by building out (2) Studio+1Bath ADUs. Adding the ADUs would generate an extra $3,500/month. Each unit has its own washer and dryer, dishwashers, new floors, kitchen and fixtures. All demanding higher rents for the area. This property is massive with each unit averaging over 800 sqft. The property also has new copper plumbing, new roof and new electrical sub panels in each unit - all of which were updated in the last 5 years. T he subject property is located just outside 6 Billion dollars worth of development flooding into Downtown Long Beach, including the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block and Queen Mary Island.
Location
State CA
County Los Angeles
Interior
Fireplace No
Laundry Other
Building
Water Public
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