1036 Cherry Avenue, Long Beach, CA 90813
- $2,275,000
- 10
- BD
- 8
- BA
- 4,722
- SqFt
- List Price
- $2,275,000
- Price Change
- ▼ $75,000 1782878542
- Status
- ACTIVE
- MLS#
- 26839619
- Year Built
- 1921
- Bedrooms
- 10
- Bathrooms
- 8
- Living Sq. Ft
- 4,722
- Lot Size
- 5,844
- Acres
- 0.13
- Days on Market
- 62
- Property Type
- Multifamily
- Style
- Traditional
- Stories
- Two Levels
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.
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Additional Information
- Heat
- Wall Furnace
- Attached Structure
- Detached
- Number Of Units Total
- 8
Listing courtesy of Listing Agent: Julio Ruiz (ziuroiluj@gmail.com) from Listing Office: Global Platinum Properties, Inc..
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.