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Apartment Sale Pending
1724 Cherry Avenue
Long Beach, California 90813
Los Angeles CountyCommunity: Poly High (PH)
$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
Contact Information:
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.
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
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Updated: Sep 11, 2024