1825 Cherry Avenue
1825 Cherry Avenue
$1,550,000
7
5
3,986
3,986
$389
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.
- Listed by Royce Jefferson • DRE #02102509 • Brokerage DRE #01237937 • Wiggs & Associates
Property Details for 1825 Cherry Avenue
Water Front
None
ZoningLBCNR
StyleSpanish
Cross StreetsPCH
Parcel Number7216032024
Total Units7.0
Living Area3986
Source Living AreaVendor Enhanced
Location
LISTING UPDATED: 03/05/2024 12:01 AM
Property Details for 1825 Cherry Avenue
Status | Active |
---|---|
MLS # | 24-362089 |
Days on Market | 61 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1903 |
Lot Size | 0.13 AC / 5,838 SF |
County | Los Angeles County |
Location
Building Information for 1825 Cherry Avenue
Stories2Residences-Year Built1903Building Size-Lot Size0.13 AC / 5,838 SF
Payment Calculator
$9,973 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 1825 Cherry Avenue
Property History for 1825 Cherry Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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.
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