1911 Cedar Ave, Long Beach, CA 90806

Property Description

****MAJOR PRICE REDUCTION: HURRY AT THIS PRICE IT WILL NOT LAST LONG**** Investors are you looking for positive cash flow? This property will generate POSITIVE cash flow of OVER 7.5% (30% down) based upon realistic pro-forma rents ($2,600 for front house and $1,750 for back apt). This 2 on a lot has TWO separate garages on a huge 8,150 s.f lot. The lot is zoned R-2. The front house was built in 1926 and contains three bedrooms, a small den off the living room, one full bath and a powder room (both with a large skylight). There is a detached garage that can park two cars tandem (front to back) with washer and dryer hook ups. The front house has been significantly upgraded: new kitchen, new full bath, new powder room, new roof and skylights, new forced heat and air conditioning, new electrical service, drought tolerant landscaping in front with low flow irrigation, and new paint (interior and exterior). The non-conforming back house (originally a laundry room and workshop, built in the 1940s, that was converted into a 650 s.f 2/1 apartment by previous owners) is rent ready and comes with its own detached two car garage with alley access (huge selling feature for renters is this area). Another option is to live in one and rent the other out to significantly lower your monthly mortgage payment. Compare to recent sales comp at 1935 Cedar - sold for $615K - smaller property with 25% less rent potential!