About 1724 Cherry Avenue
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%.
Features of 1724 Cherry Avenue
| MLS® # | SB24164233 |
|---|---|
| Price | $2,175,000 |
| Bedrooms | 6 |
| Bathrooms | 0.00 |
| Acres | 0.20 |
| Type | Residential Income |
| Status | ACTIVE |
Community Information
| Address | 1724 Cherry Avenue |
|---|---|
| Area | LONG BEACH (90813) |
| County | Los Angeles |
| State | CA |
| Zip Code | 90813 |
Amenities
| Is Waterfront | No |
|---|---|
| Has Pool | No |
| Pool | N/K |
Interior
| Fireplace | No |
|---|---|
| # of Stories | 2 |
Additional Information
| Date Listed | August 7th, 2024 |
|---|---|
| Days on Market | 42 |
| Zoning | Assessor |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Buckingham Investments, Inc |
|---|