1825 Cherry Avenue

Long Beach, CA 90806

$1,550,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $388 / sqft

1903

calendar_month Built

Property 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 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.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A
Flooring Information
Material Wood, Tile
Fireplace Information
Features None
Interior Information
Cooling Type None

Listing Information

Address 1825 Cherry Avenue
City Long Beach
State CA
Zip 90806
County Los Angeles
Listing Agent Royce Jefferson DRE#02102509
Courtesy Of Wiggs & Associates
MLS 24362089
List Price $1,550,000
Status Active
Type Residential Income
Structure Size N/A
Lot Size 5,838
Year Built 1903
DOM 10

Exterior Information

Maps

Listing information courtesy of: Royce Jefferson, Wiggs & Associates . *Based on information from the Association of REALTORS/Multiple Listing as of Mar 5th, 2024 at 5:12 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.