Price Reduced Listing
Description
1123 Cedar Avenue presents the opportunity to acquire a well-maintained 11-unit multifamily asset offering an attractive combination of immediate cash flow, operational stability, and long- term upside in Willmore City Historic District. Offered at a 6.52% current cap rate with additional rental upside, the property delivers compelling day-one returns while providing investors with multiple opportunities to further enhance income and overall asset value. Originally constructed in 1964, the property has benefited from extensive system upgrades that substantially reduce future capital expenditure requirements, including new plumbing, new electrical wiring and panels, individual tankless water heaters, upgraded wall furnaces, and a recently sealed roof. These improvements position the asset as a durable, low-maintenance investment with limited near-term deferred maintenance. The property's desirable unit mix of five spacious two-bedroom units and six one-bedroom units appeals to a broad renter demographic, while current rents remain below nearby market comparables, providing a clear path to future NOI growth through natural tenant turnover. Existing garage income, on-site laundry facilities, and six detached garages further diversify revenue while also presenting potential ADU conversion opportunities, creating an additional long-term value creation strategy beyond rental increases alone. Located just minutes from Downtown Long Beach and the 710 Freeway, the property benefits from exceptional commuter access and sits within a city experiencing significant public and private investment. Continued expansion in aerospace, logistics, healthcare, technology, and infrastructure-including billions of dollars of corporate investment, the growing "Space Beach" employment hub, and extensive preparations for the 2028 Olympic Games-continues to strengthen the city's long-term economic outlook and support sustained rental demand. For investors seeking stable cash flow with meaningful upside, limited capital expenditure risk, and multiple avenues for future appreciation, 1123 Cedar Avenue represents a compelling opportunity to acquire a quality multifamily asset in one of Long Beach's most dynamic rental markets.
Details
| MLS # | PW26180162 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1964 |
| Days On Site | 15 |
| Listing Provided By | Keller Williams Realty Downey | Robert Stepp |
Features
| SQ Feet | 8,348 |
|---|---|
| Garage | 6 |
| Story(s) | 2 |
| Units | 11 |
| Building(s) | 1 |
| Acreage | 0.17 |
Exterior
| Lot Features | Eleven To Fifteen Units Acre |
|---|
Parking
| Garage Yes / No | Yes |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Community Name | Willmore District (WM) |
| Listing VS Median (in Willmore District (WM)) | |
Price: $2,540,000 low | high Med: $2,540,000 sqft: 8,348 low | high Med: 8,348 $ / sqft: $304 low | high Med: $304 On site: 15 low | high Med: 15 | |
Market Activity 90813
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Community Name | Willmore District (WM) |
| Listing VS Median (in Willmore District (WM)) | |
Price: $2,540,000 low | high Med: $2,540,000 sqft: 8,348 low | high Med: 8,348 $ / sqft: $304 low | high Med: $304 On site: 15 low | high Med: 15 | |
 | $2,800,0001070 ChestnutLong Beach, CA 90813 |
 | $2,399,0001217 Cedar AvenueLong Beach, CA 90813 |