1036 Cherry Ave, Long Beach, CA 90813
- $2,275,000
- 10
- BD
- 8
- BA
- 4,722
- SqFt
- List Price
- $2,275,000
- Price Change
- ▼ $75,000 1782877824
- MLS#
- 26839619
- Year Built
- 1921
- Bedrooms
- 10
- Bathrooms
- 8
- Living Sq. Ft
- 4,722
- Lot Size
- 5,844
- Days on Market
- 63
- Property Type
- Multifamily
- Style
- Traditional
- Stories
- 2
Property Description
Huge ~300k Price Reduction! 8 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 7.5% from day 1! Excellent unit mix of 1 (3bed/1bath) unit and 7 (1bed/1bath) units including 2 brand-new attached ADUs. Several units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash, further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8.7% annual rent increases (5%+CPI) for future upside. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.
Additional Information
- Other Buildings
- None
- Heat
- Wall
- Cooling
- Ceiling Fan
- Number of Cars in Garage
- None
Mortgage Calculator
Courtesy of Global Platinum Properties, Inc., Julio Ruiz - CA DRE#01911261
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