285 Cerritos AVE new Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90802
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Alamitos Beach (Ab)
MLS Listing ID SB25096484
HOA Y/N No
Year Built 1921
Lot Size 8,546 Sqft
Property Sub-Type Apartment
Property Description
6.2% cap rate on actuals only 3 blocks to the beach! 10.6X GRM on actuals with a 9% upside to 9.7X GRM on market rents and 6.9% market cap rate.
Totally remodeled 8 unit (7+1 ADU) property consisting of two buildings with 4 units each and parking for 5 cars. Corner building consists of four large 900 square foot units with 2 bedroom floor plans upstairs and large 1 bedroom floor plans on ground level. Second building has a brand new 2025 construction 2 bed/1 bath ADU, two studios, and a large 1 bed/1 bath unit. All unit interiors remodeled since 2022, new electrical in 285 building, full paint and exterior refresh just completed. Great curb appeal on a large 8,546 square foot corner lot.
Ideal location in the heart of Alamitos Beach only 3 blocks to the sand. 2 blocks from Downtown Long Beach's East Village Arts District with numerous restaurants, retail, and entertainment options. Over $8 Billion in new development in the immediate vicinity. 63% of households within 5 miles are renters with an average households income of $98,000+ (per CoStar research). Directly across the street from the Historic Ebell Club of Long Beach.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR3S
Interior
Heating Wall Furnace
Cooling Heat Pump
Flooring Laminate
Fireplaces Type None
Fireplace No
Appliance Gas Oven,Gas Range
Laundry Inside
Exterior
Parking Features Driveway Level
Pool None
Community Features Urban
Utilities Available Electricity Connected,Natural Gas Connected,Sewer Connected,Water Connected
Total Parking Spaces 5
Private Pool No
Building
Lot Description Rectangular Lot
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 589.0
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Special Listing Condition Standard