1724 Cherry Avenue

Long Beach, CA 90813

PRICE REDUCED

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-$50,000 (-2.25%)

$2,175,000

List Price

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bed Beds

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shower Baths

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straighten / sqft

1928

calendar_month Built

Property Description

Price just reduced!! Just short of a 6 Cap rate now. This totally remodeled turnkey 8 unit Spanish Style property is 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, and 100% of the unit interiors have been 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. There is an attractive garden courtyard area for tenants' enjoyment, creating peaceful entries and common areas. Conveniently located for tenants at just 1 mile to the beach, 1 miles to the 405, and just over 2 miles to the 110. An onsite laundry room exists with hookups, but no machines or leases are in place. (4) of the units include in unit laundry. Major electrical panel upgrades were completed in 2021. Building is retrofitted and anchor bolted for earthquakes. Priced at a competitive GRM in the high 10's (10.96) and a Cap Rate just shy of 6% (5.8%), with strong yield allowing good leverage (~65% LTV) with interest only loans available at 5.8%.

Listing Information

List Price $2,175,000
Status Active
MLS SB24164233
Type Residential Income
Subtype Apartment
Year Built 1928
Lot Size 8,502
Structure Size N/A
DOM 34
Courtesy Of Buckingham Investments, Inc
Listing Agent Anthony Walker DRE#01908153
Co-Listing Agent Josh Ess DRE#02035659

Interior Features

Laundry Information
Location(s) Common Area, Inside, Laundry Closet
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A
Fireplace Information
Features None

Exterior Information

Maps

Listing information courtesy of: Anthony Walker, Josh Ess, Buckingham Investments, Inc . *Based on information from the Association of REALTORS/Multiple Listing as of Sep 30th, 2024 at 6:11 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.