1724 Cherry Avenue
Long Beach, CA 90813
0.20 acres | #SB24164233
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%.
Property Details
- Stories2
Measurements
- Acres0.1952
Parking
- Parking Spaces5
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1928
Utilities / Energy Details
- Sewer InformationPublicSewer
- Utility SourcePublic
Community and Neighborhood Details
- SubdivisionPoly High (PH)
Location
- CountyLos Angeles
Financial Details
- Original List Price$2,225,000
Other
- MLS #SB24164233
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Anthony Walker (#sbwalkant)
Listing Office: Buckingham Investments, Inc (#SB1301700)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
