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Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
$ 2,100,000
Est. payment /mo
Price Dropped by $89K
1720 Cerritos AVE Long Beach, CA 90813
5,198 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB25025508
Year Built 1963
Lot Size 5,198 Sqft
Source California Regional MLS
Property Description
Current 7.00% Cap Rate and 10.20 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. OM in supplements.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Interior
Laundry Other
Exterior
Pool None
Building
Story One Story
Water District - Public
Others
Tax ID 7268027025
Special Listing Condition Not Applicable
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