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    1724 Cherry Ave

    Long Beach, CA 90813
    • $1,750,000
    • STATUS: Active
    • ON SITE: 43 days
    • ID#: PW20095824
    Price Reduced
    UPDATED: 75 min ago
    $1,750,000
    • 0
      BEDS
    • 8502
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,540
      SQFT
    • $316
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    County:

    School Ratings & Info

    Description

    We are pleased to present the opportunity to acquire 1724 Cherry Ave, an 8-unit multifamily investment property in Long Beach, 5.44 CAP on current rents and one of the premier housing markets in Southern California.Specifically, 1724-30 Cherry Ave is located in Macartur Park neighborhood. The 5540 square foot property consists of four one-bedroom and four two-bedroom floor plans. built in 1928. 1724 Cherry Ave offers amenities including gated access, garage parking, private yard, and an on-site laundry facility.Six out of 8 units recently have been renovated with new kitchens, bathrooms, electrical and plumbing. Property also has been retrofitted and seller has completed lots of repairs throughout. Stairway connected to the garages has been completely rebuilt. Given the strength of the overall apartment market within the city of Long Beach, 1724 Cherry Ave offers an investor the ability to capture quality tenants seeking a great beach neighborhood with convenient access to a wide variety of activities, transportation and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 1724 Cherry Ave.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-07-02T17:31:28.61. 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 deemed reliable but is not guaranteed accurate by the MLS or Z Team OC Real Estate | Keller Williams Realty. Licensed in the State of California, USA.

    www.homefinderorangecounty.com/homes/106041260
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    1724 Cherry Ave Long Beach, CA 90813

    • Price: $1,750,000
    • Status: Active
    • Updated: 75 min ago
    • ID#: PW20095824
    0
    Beds
    0
    Baths
    0
    ½ Baths
    8502
    Acres
    5,540
    SQFT
    $316
    $/SQFT
    Neighborhood:
    8 - Signal Hill
    County:
    Los Angeles
    Area:
    8 - Signal Hill
    Property Description
    We are pleased to present the opportunity to acquire 1724 Cherry Ave, an 8-unit multifamily investment property in Long Beach, 5.44 CAP on current rents and one of the premier housing markets in Southern California.Specifically, 1724-30 Cherry Ave is located in Macartur Park neighborhood. The 5540 square foot property consists of four one-bedroom and four two-bedroom floor plans. built in 1928. 1724 Cherry Ave offers amenities including gated access, garage parking, private yard, and an on-site laundry facility.Six out of 8 units recently have been renovated with new kitchens, bathrooms, electrical and plumbing. Property also has been retrofitted and seller has completed lots of repairs throughout. Stairway connected to the garages has been completely rebuilt. Given the strength of the overall apartment market within the city of Long Beach, 1724 Cherry Ave offers an investor the ability to capture quality tenants seeking a great beach neighborhood with convenient access to a wide variety of activities, transportation and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 1724 Cherry Ave.
    Exterior Features

    Lot Features Front YardLawnNear Public TransitPark NearbyWalkstreetYard Lot Size Units Acres

    Interior Features

    Condo Area Units Square Feet Laundry Features Dryer IncludedWasher Included

    Property Features

    Accounting Type Actual Additional Parcels YN No Building Area Units Square Feet Building Status Existing Cap Rate 5.44 Country Us Electric Expense 1250.00 Expense Year 2019 Gross Scheduled Income 143940.00 Land Use Multi-Family Laundry YN Yes Leasable Area Units Square Feet Maintenance Expense 4000.00 Max Total Area Units Square Feet Min Total Area Units Square Feet Net Operating Income 97875.00 Operating Expense 41746.00 Other Expense 0.00 Professional Management Expense 0.00 Property Sub Type Multi Family Real Estate Tax Expense 22500.00 Resident Manager Expense 0.00 Special Listing Conditions Standard Supplies Expense 0.00 Tax Annual Amount 22500.00 Tax Year 2019 Trash Expense 450.00 Water Sewer Expense 1750.00 Water Source Other

    Listing provided courtesy of Alec Kara of Keller Williams Pacific Estate


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-07-02T17:31:28.61. 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 deemed reliable but is not guaranteed accurate by the MLS or Z Team OC Real Estate | Keller Williams Realty. Licensed in the State of California, USA.

     
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