Property Details
About this Property
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%.
MLS Listing Information
MLS #
CRSB24164233
MLS Source
California Regional MLS
Interior Features
Appliances
Other
Parking, School, and Other Information
Garage/Parking
Garage, Storage - RV, Garage: 5 Car(s)
Contact Information
Listing Agent
Anthony Walker
Buckingham Investments, Inc
License #: 01908153
Phone: (310) 982-7055
Co-Listing Agent
Josh Ess
License #: 02035659
Phone: (310) 982-7055
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 3 | – | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
1724 Cherry Ave is a Residential Income in Long Beach, CA 90813. This – square foot property sits on a 8,502 Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $2,125,000 and was built in 1928. This address can also be written as 1724 Cherry Ave, Long Beach, CA 90813.
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This listing information is up-to-date as of December 20, 2024. For the most current information, please contact Anthony Walker, (310) 982-7055
