1724 Cherry Ave, Long Beach, CA 90813
8 Unit Apartment Building | $2,225,000 ($278,125/Unit) | 5.66% Cap Rate | Long Beach, CA 90813
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,225,000
- Property Type
-
Multifamily
- Square Feet
- 5,540 SF
Listing Contacts
Anthony Walker
Verified Profile
Josh Ess
Verified Profile
- Property Info
Property Overview
Totally remodeled turnkey 8 unit Spanish Style property 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. 100% of unit interiors 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. Attractive garden courtyard for tenants' enjoyment creates a peaceful common area and entry. An onsite laundry room exists with hookups, but no machines or lease currently in place. Major electrical panel upgrades completed in 2021. Conveniently located for tenants at just 1 mile from the beach, 1 mile to the 405, and just over 2 miles to the 110. Priced at a competitive GRM in the low 11's (11.18) and a Cap Rate just shy of 6% (5.7%). Strong yield allows good leverage - 65% LTV available at 6.05% interest only.
Property Details
- Class
- C
- Year Built
- 1928
- Stories
- 2
- Lot Size (sq. ft)
- 8,712 SF
- Units
- 8
Highlights
- Totally remodeled turnkey 8 unit Spanish Style property
- Solid unit mix of 2/1 and 1/1 units
- Conveniently located just 1 mile from the beach, the 405 freeway, and 2 miles to the 110.
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