Price just reduced!! Just short of a 6 Cap rate now. This

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Apartment Sale Pending

1724 Cherry Avenue

Long Beach, California 90813

Los Angeles County

Community: Poly High (PH)

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$2,175,000 12 br, 8.0 bath 5540 sq. ft. 0.195 acres

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%.

Interior:
  • Bedrooms: 12
  • Baths: 8.0
  • Sq Ft: 5540
  • Year Built: 1928
  • Utilities: 
  • Fireplaces: 
  • Stories: 2
  • Heat/AC: 
  • Garage: Garage
Exterior:
  • Lot Size: 0.195 acre
  • Lot Dimensions: 
  • View Types: 
  • Yard: 
  • Siding: 
  • Roof: 
  • MLS #: SB24164233
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Contact Information:
Beach Apartment Sale Pending in Long Beach, California
Listing Agent: Anthony Walker, Buckingham Investments, Inc., 310-561-4776, 310-982-7055 Listing Site, Listing Status: Pending
Copyright © 2024 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Ad Number: 5247348
Viewed 27 times.
Updated: Sep 11, 2024

This property is a Apartment located at 1724 Cherry Avenue, Long Beach, California 90813, and is currently Sale Pending at $2,175,000. This Apartment has 12 bedrooms, 8.0 baths, 5540 sq ft.

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