About 1242 Cedar Avenue
1242 Cedar Avenue is a 12-unit apartment asset located in Downtown Long Beach. The asset is priced at 7.00% cap rate and 9.60 GRM at current rents. The property is comprised of (9) 1 Bed/1Bath units and (3) 2 Bed/1 Bath units. Seven of the 12 units are fully renovated with new flooring and modern kitchens and baths featuring designer fixtures and finishes. The secured-access building has undergone key capital improvements, including new windows, fresh exterior paint, and upgraded electrical systems throughout. Additional income is generated from on-site parking and tenant- accessible laundry facilities. With a Walk Score of 89, the property is ideally positioned for tenant convenience, offering close proximity to a wide range of amenities, including shops, restaurants, and entertainment venues. The location is also within walking distance of the East Village Arts District, one of Long Beach’s most vibrant and sought-after neighborhoods, known for its creative energy and strong rental demand. 1242 Cedar Avenue offers investors a well-maintained asset with upside in an infill location experiencing continued growth and revitalization.
Features of 1242 Cedar Avenue
| MLS® # | PW25124049 |
|---|---|
| Price | $2,350,000 |
| Sold Price | $2,280,000 |
| Bedrooms | 3 |
| Bathrooms | 2.00 |
| Lot Sqft | 7,504 |
| Acres | 0.17 |
| Year Built | 1960 |
| Type | Residential Income |
| Sub-Type | Apartment |
| Status | Closed |
| # Of Units | 12 |
Community Information
| Address | 1242 Cedar Avenue |
|---|---|
| Area | 4 - Downtown Area, Alamitos Beach |
| Subdivision | Downtown (DT) |
| City | Long Beach |
| County | Los Angeles |
| Zip Code | 90813 |
Amenities
| Parking Spaces | 5 |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
| Pool | None |
Interior
| Has Basement | No |
|---|---|
| Fireplace | No |
| # of Stories | 2 |
| Stories | Two |
Exterior
| Lot Description | ElevenToFifteenUnitsAcre |
|---|
Additional Information
| Date Listed | June 3rd, 2025 |
|---|---|
| Date Sold | October 6th, 2025 |
| Days on Market | 72 |
| Zoning | LBPD10 |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Agent | Robert Stepp |
|---|---|
| Office | Keller Williams Realty Downey |