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936 Cedar Ave

Long Beach, CA

About this property

936 Cedar is a 14 unit building less than a mile from the heart of Downtown Long Beach. Due to a lack of capital, the prior owner kept the building in a state of disrepair. Under our ownership, we executed a value add plan by renovating all 14 unit interiors and bringing the rents in line with market rates. The exterior of the property was redesigned with a modern and eclectic aesthetic appealing to younger millennial renters in this area. The property provides approximately a 35% discount in rent compared to Downtown Long Beach new construction properties and its location combined with desirable unit interiors and affordability will allow the property to foster continued demand.

No. of Units

14

Key Metrics

Projected IRR: 12.2%

Equity Multiple: 1.6x

Purchase Date

September 12th, 2019

Hold Period

5 Years

Acquisition Price

$2,400,000

Purchase Date

September 12th, 2019

Purchase Date

September 12th, 2019

Purchase Date

September 12th, 2019

Year Built

1957