728 Cerritos Avenue
Long Beach, CA, 90813 $ 4,500,000
Bedrooms15 Baths3.0 Sq 11,750 Monthly Estimate*
$ 31,434
Listed by Marcus & Millichap
for $4,500,000 with 15 bedrooms and 3 full baths. This 11,750 square foot home was built in 1924 on a lot size of 0.2896.
We are pleased to present a 19+1 unit apartment building located at 728 Cerritos Avenue in Long Beach, California. This is a value-add opportunity in a great location. The subject property is close to 4th Street Retro Row, Downtown Long Beach and 2nd Street in Belmont Shore where there are restaurants, shops, bars, grocery stores and entertainment venues. The subject property consists of two parcels that total 11,750 rentable square feet spread throughout a 12,614 square foot lot. One property was built in 1924 and the other was built in 1952. The properties consist of 7 studios, 11 one bed/one bath units and 2 two bedroom / one bath units. The subject property is also separately metered for gas and electricity which helps keep expenses to a minimum. There are a total of 9 garages which generate income as well. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living close to the ocean breeze and walking distance to shops, restaurants, cafes, entertainment centers and grocery stores. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. There has been over $2B invested in real estate transactions and new development projects since 2013. There are 3,997 residential units in the development pipeline. Notable completed projects near the subject property include the Shoreline Gateway at 777 E. Ocean Blvd. which is 35 stories high with 315 residential units and 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at 200 W. Ocean Blvd has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Ave. has 271 units with 1,302 sq. ft. of retail and commercial space. Currently under construction is the renovation at the Breakers Hotel at 210 E. Ocean Blvd, Broadway Block at 330 & 333 E. Broadway which is 432 units and over 17,793 sq. ft. of retail space, Aster at 250 E. Broadway with 218 units and 7,300 sq. ft. of commercial space, as well as the Broadstone Promenade which is 189 units with ground floor retail space as well. The Long Beach port has been undergoing $4.4 billion in redevelopment that will create 14,000 new and permanent jobs in Southern California.
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FeaturesGeneralSewer PublicSewer
Zoning LBR2N
Garage Spaces 9.0
Pool Features None
Year Built 1924
Stories 2
Levels Two
Property SubType Apartment
Gross Income 248165.0
Community Features Curbs Sidewalks
Additional Parcels Description 7266-003-016
County Los Angeles
Net Operating Income 248165.0
Operating Expense 120711.0
Insurance Expense 4101.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N Y
Special Listing Conditions Standard
Status Active
Directions Cerritos Ave & 7th St
City Long Beach
Entry Location front
View Y/N N
Senior Community Y/N N
Total Units 19
MLS Area 699 - Not Defined
Lot Size Square Feet 12614.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Cerritos
Listing Terms Cash CashtoNewLoan Item1031Exchange
Property Attached Y/N Y
Land Lease Y/N N
Electric Expense 5000.0
Home Warranty Y/N N
Fuel Expense 5000.0
Trash Expense 5000.0
Water Sewer Expense 5000.0
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 0
Building Area Units SquareFeet
Standard Status Active
Year Built Source Assessor
Tax Lot 15
Total Actual Rent 24404.0
Property Sub Type Additional Apartment
Taxes 56250.0
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ExteriorLot Features Item1620UnitsAcre
Water Source Public
Total Parking 9.0
Lot Size Area 12614.0
Number of Buildings 2
Spa N
Building Area Total 11750.0
Lot Size Acres 0.2896
Lot Size Units SquareFeet
Lot Size Source Assessor
Number of Separate Water Meters 1
Number of Separate Gas Meters 21
Number of Separate Electric Meters 21
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 2
Common Walls Item2CommonWalls
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Street Suffix Avenue
Laundry Features None
Entry Level 1
Electric On Property Y/N N
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $31,434
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Long Beach, CA
Average List Price $2,090,646
Percent of Sale Price 54%
About Long Beach, CA 470,090 Population
2% Since 2002
$ 57,916 Median Income
35.78 Median Age
30% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
4/17/2024 | $4,500,000 | | Listed Price |