753 Cerritos Avenue
6.89% Cap | 10 Units | $283,000/unit
Marketing description
HIGHEST CAP RATE & LOWEST PRICE PER DOOR 1980s-CONSTRUCTION APARTMENT BUILDING IN LONG BEACH
Pride of Ownership 1980s Construction asset offering a current 6.57% CAP Rate and 10.42 GRM. Priced at only $290,000 per unit, 753 Cerritos Ave stands out as the lowest price-per-door opportunity among comparable 1980s-built apartment buildings in Long Beach, making it an exceptional opportunity for investors seeking strong cash flow, quality construction, and long-term upside.
The property is comprised of (8) 2Bed+2Bath and (2) 1Bed+1Bath units - one 2Bed+2Bath unit is currently vacant. A handful of units have been renovated, including new floors, cabinets, appliances, bathrooms and fixtures. There is ample tuck-under parking and a laundry room on site.
The 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.
Investment highlights
- HIGHEST CAP RATE & LOWEST PRICE PER DOOR 1980s-CONSTRUCTION APARTMENT BUILDING IN LONG BEACH
- Current 6.57% Cap Rate & 10.42 GRM - 80's construction
- Priced at only $290k/unit
- (8) 2Bed+2Bath and (2) 1Bed+1Bath units-One unit is currently vacant
- Perfect opportunity for exchange buyer looking for very low maintenance and high cash-flow
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