$1,780,000
$1,795,000
0.8%For more information regarding the value of a property, please contact us for a free consultation.
8,542 Sqft Lot
SOLD DATE : 01/05/2022
Key Details
Sold Price $1,780,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Alamitos Beach (Ab)
MLS Listing ID PW21202745
Sold Date 01/05/22
HOA Y/N No
Year Built 1921
Lot Size 8,542 Sqft
Property Description
285-295 Cerritos Avenue is a 7-unit investment asset well-located in the highly desirable Alamitos Beach neighborhood of Long Beach, just a short walk to the beach and Bluff Park, and in close proximity to East Village Arts District and 4th Street/Retro Row. The property is comprised of sizable units with a favorable mix of (4) 1 BD+1BA+Den; (1) Studio+Den and (2) Studios. This 1920's property features vintage hardwood floors with period built-ins and detailing. Onsite laundry and garages provide additional income. Off-street surface parking is available for up to six cars. The property is in close proximity to the hip boutiques, restaurants and bars along Fourth Street/Retro Row and along the Broadway Corridor. The neighborhood is also adjacent to East Village Arts District, Downtown Long Beach and a myriad of employment opportunities. According to Niche.com, Alamitos Beach ranks as the number three of 47 Best Neighborhoods for Young Professionals. Rents in this submarket are 19% higher than other Long Beach submarkets, on average and vacancy rates are historically low. 285-295 Cerritos Avenue has 23% upside potential in income and six of the seven units are on month-to-month terms.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR3S
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Asphalt, Driveway
Pool None
Community Features Urban
Parking Type Asphalt, Driveway
Total Parking Spaces 6
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7275003027
Energy Description 900.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Anthony Walker • Buckingham Investments, Inc
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "