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Listed by Anthony P. Walker • Buckingham Investments, Inc
$ 1,995,000
Est. payment /mo
Pending
285 Cerritos Avenue Long Beach, CA 90802
6,096 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 6,096 sqft
Price per Sqft $327
Subdivision Alamitos Beach
MLS Listing ID SB-25096484
Year Built 1921
Lot Size 8,546 Sqft
Property Sub-Type Apartment
Property Description
6.2% cap rate on actuals only 3 blocks to the beach! 10.6X GRM on actuals with a 9% upside to 9.7X GRM on market rents and 6.9% market cap rate. Totally remodeled 8 unit (7+1 ADU) property consisting of two buildings with 4 units each and parking for 5 cars. Corner building consists of four large 900 square foot units with 2 bedroom floor plans upstairs and large 1 bedroom floor plans on ground level. Second building has a brand new 2025 construction 2 bed/1 bath ADU, two studios, and a large 1 bed/1 bath unit. All unit interiors remodeled since 2022, new electrical in 285 building, full paint and exterior refresh just completed. Great curb appeal on a large 8,546 square foot corner lot. Ideal location in the heart of Alamitos Beach only 3 blocks to the sand. 2 blocks from Downtown Long Beach's East Village Arts District with numerous restaurants, retail, and entertainment options. Over $8 Billion in new development in the immediate vicinity. 63% of households within 5 miles are renters with an average households income of $98,000+ (per CoStar research). Directly across the street from the Historic Ebell Club of Long Beach.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR3S
Interior
Heating Wall Furnace
Flooring Laminate
Fireplaces Type None
Laundry Inside
Exterior
Parking Features Driveway Level
Pool None
Community Features Urban
Utilities Available Sewer Connected, Water Connected, Electricity Connected, Natural Gas Connected
Building
Lot Description Rectangular Lot
Sewer Public Sewer