1724 Cherry Avenue, Long Beach, CA 90813

  • $2,225,000
  • $402
1724 Cherry Avenue, Long Beach, CA 90813
  • Residential Income
  • Property Type
  • 5.00
  • Garages
  • 1928
  • Year Built
For Sale
1724 Cherry Avenue, Long Beach, CA 90813
  • $2,225,000
  • $402

Overview

Property ID: SGR-33730182
  • Residential Income
  • Property Type
  • 5.00
  • Garages
  • 1928
  • Year Built

Description

This totally remodeled turnkey 8 unit Spanish Style property is in a high demand rental area of Long Beach just South of PCH. Great unit mix with (4) 2 Bed 1 Bath units and (4) 1 Bed 1 Bath units, and 100% of the unit interiors have been upgraded including cabinets, counters, flooring, paint, lighting, and bathrooms. One double garage and (3) single garages with additional storage create a great opportunity for a future ADU build. There is an attractive garden courtyard area for tenants’ enjoyment, creating peaceful entries and common areas. Conveniently located for tenants at just 1 mile to the beach, 1 miles to the 405, and just over 2 miles to the 110. An onsite laundry room exists with hookups, but no machines or leases are in place. (4) of the units include in unit laundry. Major electrical panel upgrades were completed in 2021. Building is retrofitted and anchor bolted for earthquakes.
Priced at a competitive GRM in the low 11’s (11.18) and a Cap Rate just shy of 6% (5.7%), with strong yield allowing good leverage (~65% LTV) with interest only loans available at 6.05%.

  • Address 1724 Cherry Avenue
  • City Long Beach
  • State/county CA
  • Zip/Postal Code 90813
  • Area 9 - Poly High
  • Country United States

Details

Updated on September 9, 2024 at 8:15 pm
  • Property ID: SGR-33730182
  • Price: $2,225,000
  • Land Area: 8502.00 m²
  • Garages: 5.00
  • Year Built: 1928
  • Property Type: Residential Income
  • Property Status: For Sale
  • Living Area: 5540.00
  • MLS#: SB24164233
  • Office Name: BUCKINGHAM INVESTMENTS, INC
  • Agent Name: Anthony Walker
  • MLS Status: Active
  • Living Area Prefix: Sqft
  • Co-Office Name: Buckingham Investments, Inc
  • Co-Agent Name: Josh Ess
  • Agent State License: 01908153
  • Co-Agent State License: 02035659
  • IDX Contact Info: 310-561-4776

Additional details

  • Sewer: Public Sewer
  • County: Los Angeles
  • Property SubType: Commercial/Residential
  • Parking: 5.00
  • Water Source: Public

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