1825 Cherry Avenue

Long Beach, CA 90806

$1,550,000
Price
7
Beds
5
Baths
3,986 Sq. Ft.
$389 / Sq. Ft.
3,986
Sq. Ft.
$389
per Sq. Ft.

Description

Opportunity Zone Explore the exceptional investment opportunity at 1825 Cherry Ave, Long Beach, CA. This property comprises seven fully occupied buildings in the sought-after prime area of Long Beach, offered at an attractive price of $221k per unit. Currently, the property yields an impressive 5.35% Cap Rate and boasts a 15 Gross Rent Multiplier (GRM), with potential for substantial growth to a projected 9.96% Cap Rate and 9.96 GRM. Situated on a generous lot of approximately 5,837 SF, the property...Opportunity Zone Explore the exceptional investment opportunity at 1825 Cherry Ave, Long Beach, CA. This property comprises seven fully occupied buildings in the sought-after prime area of Long Beach, offered at an attractive price of $221k per unit. Currently, the property yields an impressive 5.35% Cap Rate and boasts a 15 Gross Rent Multiplier (GRM), with potential for substantial growth to a projected 9.96% Cap Rate and 9.96 GRM. Situated on a generous lot of approximately 5,837 SF, the property provides ample parking spaces for convenience. Notably, this asset is not subject to LA City rent control, allowing for significant annual rent increases of 8.8% (5% + CPI), offering substantial future upside potential. Conveniently located in prime Long Beach, just moments away from Signal Hill and a short drive to downtown Long Beach, this property presents a prime investment opportunity in a thriving and desirable location. 2 Structures - Front House has been divided into 3 Units. Rear structure consists of 2 Studios and 2-1 BR Units. Upside in Rents. All Utilities are split and paid for by Tenants. Close proximity to busy PCH/Cherry intersection. Among recent upgrades is a Fire Sprinkler system.
  1. Listed by Royce Jefferson • DRE #02102509 • Brokerage DRE #01237937 • Wiggs & Associates

Property Details for 1825 Cherry Avenue

Water Front
None
Zoning
LBCNR
Style
Spanish
Cross Streets
PCH
Parcel Number
7216032024
Total Units
7.0
Living Area
3986
Source Living Area
Vendor Enhanced

Location

Listing Courtesy of Wiggs & Associates, Royce Jefferson, DRE #02102509
Add your commute
LISTING UPDATED: 03/05/2024 12:01 AM

Property Details for 1825 Cherry Avenue

StatusActive
MLS #24-362089
Days on Market61
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1903
Lot Size0.13 AC / 5,838 SF
CountyLos Angeles County

Location

Listing Courtesy of Wiggs & Associates, Royce Jefferson, DRE #02102509
Add your commute

Building Information for 1825 Cherry Avenue

Stories2Residences-Year Built1903Building Size-Lot Size0.13 AC / 5,838 SF

Payment Calculator

$9,973 per month

30 year fixed, 7.25% Interest

Principal and Interest

$8,459

Property Taxes

$1,514

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1825 Cherry Avenue

Community / Development
Community / Development
  • Tax Mello Roos: No
  • Number Of Units: 7
  • Amenities: None
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Residential
  • View: No
  • View Description: None
  • View: None
  • Security Features: Window Bars, Gated
  • Direction Faces: East
  • Property Condition: Updated/Remodeled, Repair Cosmetic
  • Water: Public
  • Sewer: In Street Paid
  • Water Heaters: Yes
  • Additions Alterations: Yes
  • Water Heater Features: Gas, Multi-Tank
  • Water District: Long Beach
  • Building Permit: Yes
Contract Info
Contract Info
  • Probate: No
  • Financing: Cash, Cash To New Loan
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $111,011
  • Net Operating Income: $82,925.00
  • Gross Income: $1,242
  • Cap Rate: 5.35%
  • Gross Rent Multiplier: $15.00
  • Actual Annual Gross Rent: $111,011.00
  • Actual Gross Annual Income: $111,011
  • Other Income1: $1,242.00
  • Actual Rent Total: $8,870.00
  • Owner Pays: Gardener, Other
  • Total Annual Expense: 28086
Land / Lot Info
Land / Lot Info
  • Alley: Yes
  • Paved: Yes
  • Lot Acreage: 0.134
  • Lot Size Square Feet: 5838
  • Lot Size Dimensions: 50 x 130
  • Source Lot Size Dimensions: Assessor
  • Lot Features: Utilities - Overhead
  • Lot Description: Curbs, Fenced, Gutters, Street Lighting, Utilities Underground, Utilities - Overhead, Street Asphalt, Sidewalks
  • Lot Location: Alley Access, City
Parking Details
Parking Details
  • Parking Garage: Driveway
  • Total Parking: 7
  • Open Other Spaces Total: 6
  • Garage Spaces Total: 1
  • Parking Features: Driveway
  • Garage Structures Total: 1.0
Interior Features
Interior Features
  • Levels: Multi/Split, Two
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: None
  • Cooling Type: None
  • Heating: Natural Gas
  • Heating Type: Natural Gas
  • Flooring: Wood, Wood Laminate, Tile
  • Equipment: Refrigerator, Range/Oven
  • Interior Features: Drywall Walls
  • Cooking Appliances: Gas, Oven-Gas, Gas/Electric Range
  • Laundry: None
Exterior Features
Exterior Features
  • Pool: No
  • Private Pool: No
  • Pool Description: None
  • Pool Features: None
  • Spa: No
  • Spa: None
  • Tennis Court: None
  • Roof: Clay, Flat
  • Sprinklers: None
  • Patio Features: Porch, Porch - Front, Porch - Rear, Roof Top Deck
  • Entry Location: Ground Level w/steps
  • New Construction: No
  • Construction Materials: Stucco
  • Exterior Construction: Stucco
  • Foundation Details: Slab, Raised
  • Other Structural Features: Balcony
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 02-26-2024
  • Rent Control: No
  • Tenant Pays: Gas, Electricity, Water, Trash Collection
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,030.00
  • Unit Actual Rent: $2,180.00
  • Unit Projected Rent: $3,554.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,340.00
  • Unit Actual Rent: $3,287.00
  • Unit Projected Rent: $6,018.00
  • Like Units: 2
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,975.00
  • Unit Actual Rent: $3,403.00
  • Unit Projected Rent: $5,108.00
  • Like Units: 3
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $390,150.00
  • Assessed Improvement Percent: 30.0
  • Assessed Land Value: $910,350.00
  • Assessed Land Percent: 70
  • Assessed Total Value: $1,300,500.00

Property History for 1825 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 1825 Cherry Avenue

Taxable ValueLand$910,350Additions$390,150Total$1,300,500
Tax Record2023$18,169 ($1,514 / month)
Home Facts
Total Finished SqFt3,986 SqFtAbove Grade Finished SqFt3,986 SqFtLot Size5,838 SqFtStyleMulti-Family Res (5+ Units)Year Built1903ZoningLBCNRCountyLOS ANGELESAPN7216-032-024

Schools near 1825 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
Alvarado Elementary School
PublicK to 5

Jessie Nelson Academy
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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1825 Cherry Avenue is a multi-family home for sale in Long Beach, CA 90806. This property was listed for sale on February 26, 2024 by Wiggs & Associates, it's currently listed at $1,550,000. This listing's school district is Long Beach Unified School District. Nearby schools include Alvarado Elementary School, Jessie Nelson Academy and Polytechnic High School. 1825 Cherry Avenue is a 7-bed, 5-bath, 3,986 sqft multi-family home built in 1903.

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 Wiggs & Associates, Royce Jefferson, DRE #02102509

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.