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1036 Cherry Ave, Long Beach, CA 90813

$2,350,000
•
10
bed
8
bath
4,722
Sqft ($498/Sqft)

Multi-family for sale 8 days

Movoto is helping 68 homebuyers near you

About 1036 Cherry Ave

Property type Multi-family

Neighborhood

Year built 1921

HOA fee $0/month

Lot size 5,844 Sqft

Movoto estimate

Property description

Huge ~250k Price Reduction! 8 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 7.2% 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.

Listed by

Listing Agent - Julio Ruiz

Listing Office - Global Platinum Properties, Inc.

Source: The MLS

MLS#26839619 • last updated 1 week ago

Movoto checked The MLS for data Just now

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Overview
Levels/Style	Two
MLS #	26839619
Type	Residential Income
Status	Active
SqFt	4722
Lot Size (SqFt)	5844
Lot Size (Acres)	0.1342
Year Built	1921
Condition	Updated/Remodeled

Interior
Total # of Baths	8
Total # of Bedrooms	10

Exterior
Parking Desc	None
Add'l Structures	None

Amenities / Utilities
Equipment	None

Location
County	Los Angeles
Zoning	LBR2N
APN	7262-008-019

Multifamily Details
Unit 5: # Baths	1, 1
Unit 8: Furnished	No
Unit 3: Furnished	No
Unit 1: Furnished	No
Unit 6: Furnished	No
Unit 7: Furnished	No
Unit 4: Furnished	No
Unit 5: Furnished	No
Unit 8: Projected Rent	2150
Unit 3: Projected Rent	2495
Unit 1: Projected Rent	2495
Unit 7: Projected Rent	2150
Unit 7: # Baths	1
Unit 8: # Beds	1
Unit 1: # Beds	1
Unit 7: # Beds	1
Unit 6: # Beds	1
Unit 4: # Beds	1
Unit 7: Rent	2150
Unit 1: Rent	2495
Unit 2: Rent	2495
Unit 3: Rent	2495
Unit 4: Rent	2495
Unit 5: Rent	2495
Unit 6: Rent	3495
Unit 8: Rent	2150
Unit 2: Furnished	No
Unit 2: Projected Rent	2495
Unit 6: Projected Rent	3495
Unit 5: Projected Rent	2495
Unit 4: Projected Rent	2495
Unit 3: # Beds	1
Unit 2: # Beds	1
Unit 2: # Baths	1
Unit 3: # Baths	1
Unit 1: # Baths	1
Unit 4: # Baths	1
Unit 8: # Baths	1
Unit 5: # Beds	1
Unit 4: Actual Rent	2200
Unit 7: Actual Rent	1890
Unit 2: Actual Rent	2380
Unit 3: Actual Rent	2603
Unit 8: Actual Rent	2150
Unit Type	2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113
Unit 5: Actual Rent	2181
Unit 6: Actual Rent	3134
Unit 1: Actual Rent	2481
Total # Of Buildings	1
Net Operating Income	169170
Cap Rate	7.2
Vacancy Rate	None
Gross Income	228230
Gross Operating Income	221383
Gross Rent Multiplier	10.3
Total Annual Expenses	52213