Samimi CRE Advisors
    Listings/1720 Cerritos Ave
    1720 Cerritos Ave - Photo 1
    multifamilyActive Listing

    1720 Cerritos Ave

    Long Beach, CA 90813

    Valuation

    $2,100,000

    Key Specifications

    Total Units

    7

    multifamily

    Year Built

    1963

    Value-Add Era

    Interior

    6,074 SF

    $346 / SF

    Lot Area

    5,194 SF

    Unit Mix

    multifamily

    6x 2-Bed/1-Bath, 1x 3-Bed/1.5-Bath

    Investment Highlights

    Operating at 6.67% Cap Rate & 10.50 GRM!
    All Units have been completely remodeled, featuring new Dishwashers, Wash/Dryer Hookups, and Windows
    Copper Plumbing throughout the building, new Electrical, and a 3-year-old Roof (All done within the last 5 years)
    Opportunity to Add Significant Value by Building out (2) Studio+1Bath ADUs, generating an Extra $3,500/month.
    Located just outside 6 Billion dollars worth of development flooding into Downtown Long Beach
    Perfect opportunity for an Exchange Buyer looking for very Low Maintenance and High Cash-Flow

    Property Overview

    This meticulously remodeled 7-unit building at 1720 Cerritos Ave in Long Beach, CA, offers an exceptional investment opportunity with a current 6.67% cap rate and 10.50 GRM. The property features a desirable unit mix of six 2-Bed/1-Bath units and one 3-Bed/1.5-Bath unit, all boasting high-end finishes. Each unit is equipped with its own washer and dryer, dishwashers, new floors, kitchen, and fixtures, commanding higher rents for the area. The units are notably spacious, averaging over 800 sqft. Significant capital improvements have been made to the property within the last five years, including new copper plumbing, a new roof, and new electrical sub-panels in each unit, ensuring low maintenance for a new owner. Furthermore, there is a compelling value-add opportunity to build out two Studio+1Bath ADUs, which could generate an additional $3,500 per month in income. The property's prime location is a key selling point, situated just outside the extensive $6 billion development projects in Downtown Long Beach. These developments include the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, and Queen Mary Island, all contributing to the area's growth and desirability. This makes 1720 Cerritos Ave an ideal acquisition for an exchange buyer seeking a low-maintenance, high cash-flow asset in a rapidly appreciating market.