1615 Cherry Avenue

Long Beach, CA 90813

$1,275,000
Price
9
Beds
4
Baths
3,546 Sq. Ft.
$360 / Sq. Ft.
3,546
Sq. Ft.
$360
per Sq. Ft.

Description

Fantastic Investment Opportunity: Spacious 4-Unit Building in the Heart of an Up-and-Coming Neighborhood! Welcome to your next lucrative investment located just south of Signal Hill and within a short 2-mile radius of the stunning beaches. This prime property offers not only a sought-after location but also incredible potential for growth in an area currently undergoing rezoning for additional apartment density. Key Features: This is a special delimiter sentence. This is a special delimiter sentence...Fantastic Investment Opportunity: Spacious 4-Unit Building in the Heart of an Up-and-Coming Neighborhood! Welcome to your next lucrative investment located just south of Signal Hill and within a short 2-mile radius of the stunning beaches. This prime property offers not only a sought-after location but also incredible potential for growth in an area currently undergoing rezoning for additional apartment density. Key Features: This is a special delimiter sentence. This is a special delimiter sentence - Unit Mix: This well-maintained building consists of 4 units, featuring 2 expansive 3-bedroom apartments and 2 comfortable 2-bedroom apartments. The generous unit sizes are a standout feature, providing tenants with ample space and modern living comfort. The generous unit sizes are a standout feature, providing tenants with ample space and modern living comfort - Prime Location: Nestled in the vibrant and up-and-coming neighborhood, this property is strategically positioned for optimal access to both the bustling city life and the tranquil beachfront. Residents can enjoy the best of both worlds.

Property Details for 1615 Cherry Avenue

Architectural Style
Contemporary
View
City Lights
Parking Spaces Total
2
Private Pool
No
Cooling Type
N/K
Total Units
4.0
Building Type
Attached
Lot Size Source
Assessor

Location

Listing Courtesy of Y Realty, Steven Richardson, DRE #01510320
Add your commute
LISTING UPDATED: 05/03/2024 12:01 AM

Property Details for 1615 Cherry Avenue

StatusActive
MLS #PW24015369
Days on Market108
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1949
CountyLos Angeles County

Location

Listing Courtesy of Y Realty, Steven Richardson, DRE #01510320
Add your commute

Building Information for 1615 Cherry Avenue

Building/Complex1615 Cherry AveFloor-Stories1Residences-Pet Policy-Year Built1949Building Size-

Payment Calculator

$8,079 per month

30 year fixed, 7.25% Interest

Principal and Interest

$6,958

Property Taxes

$1,121

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1615 Cherry Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $2,400
  • Gross Scheduled Income: $82,800
  • Gross Spendable Income: $58,995
  • Vacancy Allowance Rate: 5
  • Gross Operating Income: $78,660
  • Net Operating Income: $58,995
  • Number Of Rented Garages: 2
  • Garage Rental Rate: $100
  • Garage Income: $200
  • Gross Multiplier: 13.0
  • Cap Rate: 3.5
  • Current Financing: Conventional
Expense Details
  • Operating Expense: $19,665
  • Operating Expense Percent: 25.00%
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $400
  • Trash Expense: $200
  • Water Sewer Expense: $550
  • Total Expenses: $1,150
Tax / Assessment Info
  • Tax Tract Number: 575...
  • Tax Census Tract: 5752.02
  • CFD/Mello-Roos Fee: $900
  • Taxes Percent: 1.25%
  • Tax Lot: 12
Community / Development
Community / Development
  • Accessibility Features: 32 Inch Or More Wide Doors, 36 Inch Or More Wide Halls, Doors - Swing In, Low Pile Carpeting, No Interior Steps, Parking
  • Disability Access: 32 inch or more wide doors, 36 inch or more wide halls, Doors - Swing In, Low Pile Carpeting, No Interior Steps, Other Main Level Modifications
  • Assessments YN: Yes
  • Assessments: Unknown
  • Community Features: Sidewalks, Street Lights
Property / Structure Info
Interior Features
  • Appliances: Disposal, Gas Range, Gas Water Heater, Microwave, Range Hood, Refrigerator, Self Cleaning Oven, Water Heater Central, Water Heater
  • Equipment: Community, Microwave, Refrigerator
  • Interior Features: Ceiling Fan(s), Copper Plumbing Partial, Formica Counters, Laminate Counters, Open Floorplan, Tile Counters
  • Room Type: All Bedrooms Down, Living Room, Primary Bathroom, Primary Bedroom
  • Bedroom Features: All Bedrooms Down
  • Water Heater Features: Central Water Heater, Gas
  • Water Heater Type: Gas
  • Laundry: Yes
  • Laundry Features: Community
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: None
  • Heating Type: Natural Gas
  • Heat Source: Natural Gas
  • Heating: Natural Gas
  • Flooring: Carpet, Laminate, Tile
Exterior Features
  • Security Features: Carbon Monoxide Detector(s), Fire and Smoke Detection System, Gated Community, Smoke Detector(s)
  • Security: Gated Community
  • Construction Materials: Drywall Walls
  • Exterior Features: Awning(s)
  • Entry Location: Ground Floor
  • Fence: Yes
  • Fence: Privacy, Wrought Iron
  • Fencing: Privacy, Wrought Iron
  • Foundation Details: Combination, Concrete Perimeter
  • View Description: City Lights
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: 0-1 Unit/Acre, Garden, Lawn, Lot 6500-9999, Level, Ranch, Yard
  • Additional Property Use: Ranch/Farm
  • Number Of Units: 4
  • Land Lease: No
  • Land Lease Type: Fee
  • Road Frontage Type: City Street
  • Levels: One
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected
  • Electric: Electricity - On Property
  • Water Source: Public
Parking Info
  • Garage Spaces: 2
  • Parking: Yes
  • Parking Garage: Direct Entrance, Garage - 1 Car
  • Parking Garage Spaces: 2
  • Carport Spaces: 0
  • Parking Features: Direct Garage Access, Concrete, Paved, Driveway Level, Garage Faces Front, Garage - Single Door, On Site
Property / Structure Info
  • Builders Tract Name: Other
  • Builders Tract Code: Other (OTHR)
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,500
  • Unit Type Total Rent: $1,500
  • Unit Type Pro Forma: 2295
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,500
  • Unit Type Total Rent: $1,500
  • Unit Type Pro Forma: 2295
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,800
  • Unit Type Total Rent: $1,800
  • Unit Type Pro Forma: 2850
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,100
  • Unit Type Total Rent: $2,100
  • Unit Type Pro Forma: 2850
  • Unit Type Type: 4
Unit Information
  • Number Of Units Leased: 3
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 1
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 4

Property History for 1615 Cherry Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1615 Cherry Avenue

Taxable ValueLand$384,645Additions$622,520Total$1,007,165
Tax Record2023$13,457 ($1,121 / month)
Home Facts
Total Finished SqFt3,546 SqFtAbove Grade Finished SqFt3,546 SqFtLot Size7,288 SqFtStyleQuadraplexYear Built1949ZoningLBCNRCountyLOS ANGELESAPN7261-008-027

Schools near 1615 Cherry Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 9 to 12
Rating
School
Distance
Whittier Elementary School
PublicK to 5

Franklin Classical Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

Clear Passage Educational Center
Charter9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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1615 Cherry Avenue is a multi-family home for sale in Long Beach, CA 90813. This property was listed for sale on January 23, 2024 by Y Realty, it's currently listed at $1,275,000. It has been on the market for a total of 108 days and was last sold on December 8, 2004. This listing's school district is Long Beach Unified School District. Nearby schools include Whittier Elementary School, Franklin Classical Middle School and Polytechnic High School. 1615 Cherry Avenue is a 9-bed, 4-bath, 3,546 sqft multi-family home built in 1949.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Y Realty, Steven Richardson, DRE #01510320

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.