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$ 2,125,000
Est. payment /mo
Price Dropped by $70K
1036 Cherry AVE Long Beach, CA 90813
10 Beds
8 Baths
4,722 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,722 sqft
Price per Sqft $450
MLS Listing ID 26997193
Bedrooms 10
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1921
Lot Size 5,845 Sqft
Property Description
Huge ~500k Price Reduction! 8 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 8% 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.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features None
Building
Story 2
Entry Level Two
Architectural Style Traditional
Level or Stories Two
New Construction No
Construction Status Updated/Remodeled
Others
Senior Community No
Tax ID 7262008019
Special Listing Condition Standard
Listed by Armin Soleimani Global Platinum Properties, Inc. #01846872