1036 Cherry AvenueLong Beach, CA 90813
Los Angeles County
Description
Huge ~400k Price Reduction! 8 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 7.75% 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.
Property Information
- Property type
- Residential Income
- Style
- Traditional
- Year built
- 1921
- Stories
- 2
- Living area
- 4,722 Sq Ft
- Lot size
- 0.13 acres
- Zoning
- LBR2N
- Days on market
- 2
- MLS® Listing#
- 26997193
Property Features
- Heating
- Wall Furnace
- Parking
- None
Financial Details
- HOA
- None
- Parcel number
- 7262008019
Directions
Located on the east side of the street, mid-block between 10th St. and Anaheim.
Listing Courtesy: Global Platinum Properties, Inc. - 4243941030
Presented by: Julio Ruiz
Licensed in the state of California.
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