1724 Cherry Avenue, Long Beach, CA 90813
-
Listed Price :
$2,175,000
-
Beds :
N/A
-
Baths :
N/A
-
Property Size :
N/A sqft
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Year Built :
1928
Property Description
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%.
Interior Features
| Laundry Information |
| Location(s) |
Common Area, Inside, Laundry Closet |
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
Listing Information
| Address |
1724 Cherry Avenue |
| City |
Long Beach |
| State |
CA |
| Zip |
90813 |
| County |
Los Angeles |
| Listing Agent |
Anthony Walker DRE #01908153 |
| Co-Listing Agent |
Josh Ess DRE #02035659 |
| Courtesy Of |
Buckingham Investments, Inc |
| List Price |
$2,175,000 |
| Status |
Active |
| Type |
Residential Income |
| Subtype |
Apartment |
| Structure Size |
N/A |
| Lot Size |
8,502 |
| Year Built |
1928 |
Listing information courtesy of: Anthony Walker, Josh Ess, Buckingham Investments, Inc. *Based on information from the Association of REALTORS/Multiple Listing as of Sep 17th, 2024 at 9:01 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
