MultiFamily Property at 751 Cerritos Avenue for Sale
$2,850,000
751 Cerritos Avenue, Long Beach, CA 90813
6,938 SF
Square Feet
$411
PPSF
10
Units
200.0K
PPU
6.56%
CAP
Property Description
Units
10 — PPU: 200.0K
NOI
$186,853
Cap Rate
6.56%
Pride of Ownership, 80's Construction - Current 6.60% CAP Rate and 10.60 GRM. Priced at only $285k/unit, 751 Cerritos Ave is the ideal opportunity for any investor looking for a well-maintained asset with strong cash flow.
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.
Property Details
Asset Type
MultiFamily
Year Built
1987
Zoning
LBR2N
Lot Size
7,338 SF
Neighborhood
Hellman
Submarket
Long Beach
ZIP
90813
Listing Type
sale
Offering Memorandum
Net Operating Income (NOI)
$296,443
Debt Service Coverage Ratio (DSCR)
1.83x
Cap Rate
10.40%
Cash Flow (Annual)
$134,317
Cash-on-Cash Return
18.85%
Monthly Debt Service
$13,510
Annual Debt Service
$162,125
View on Map
Address
751 Cerritos Avenue
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Long Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale
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