1724 Cherry Avenue
Long Beach, CA 90813
- – beds
- – baths
- – sqft
- 8,502 sqft lot
- 1928 build
- – on site
Price just reduced!! Just short of a 6 Cap rate now. 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 high 10's (10.96) and a Cap Rate just shy of 6% (5.8%), with strong yield allowing good leverage (~65% LTV) with interest only loans available at 5.8%.
Last checked:
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Last updated Sep 17, 2024
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MLS# SB24164233 —
The Building
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Year Built:1928
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Year Built Source:Assessor
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New Construction:No
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Entry Level:1
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Common Walls:2+ Common Walls
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Building Area Total:5540.00
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Building Area Units:Square Feet
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# of Buildings:3
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Total Number Of Units:8
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Stories Total:2
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# of Separate Gas Meters:8
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# of Separate Water Meters:1
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# of Separate Electric Meters:8
Interior
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Levels:Two
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Entry Location:Front
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Fireplace:No
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Fireplace:None
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Laundry:Common Area, In Closet, Inside
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Laundry:1
Location
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Directions:Just South of PCH, East side of Cherry
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Latitude:33.78860700
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Longitude:-118.16724700
The Property
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Property Type:Residential Income
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Subtype:Apartment
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Zoning:LBCNR
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Lot Features:Lot 10000-19999 Sqft
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Lot Size Area:8502.0000
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Lot Size Acres:0.1952
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Lot Size SqFt:8502.00
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Lot Size Source:Assessor
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Property Attached:1
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Additional Parcels:No
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Block:3
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Tax Census Tract:5751.01
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Tax Tract:3
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Tax Lot:21
The Listing
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Special Listing Conditions:Standard
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Parcel Number:7261006022
Utilities
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Sewer:Public Sewer
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Water Source:Public
The Community
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Subdivision:Poly High (PH)
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Subdivision:Poly High (PH)
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Senior Community:No
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Features:Suburban
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Pool:None
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Private Pool:No
Parking
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Parking:Yes
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Parking:Built-In Storage, Garage
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Parking Spaces:5.00
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Garage Spaces:5.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
9/11/24
Sep 11, 2024
|
Price Changed | CRMLS_CA | $2,175,000 | -2.2% |
|
8/8/24
Aug 8, 2024
|
Listed / Active | CRMLS_CA | $2,225,000 |
