Thank you
Royce Jefferson
Wiggs & Associates
213-924-0259
***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.
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Total Bedrooms : 7
Total Baths: 5
Full Baths: 0
Half Baths: 0
Sewer : Sewer Tap Paid
Property Appliances: Gas Oven,Gas Range,Refrigerator
Fireplace: None
Flooring: Tile,Wood
None
Air Conditioning
Natural Gas
Has Heating
Fireplace Features: None
Has Fireplace: 0
Year Built: 1903
Building Area Total: 3,986
Construction: Stucco
Raised,Slab
Gated Community,Window Bars
None
None
Rear Porch,Front Porch,Porch,Rooftop
Lot Dimensions Source: Assessor
Lot Size Acres: 0.134
Lot Size Dimensions: 50 x 130
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 5838
Original List Price: 1,550,000
Listing Contract Date: 2024-02-26
Listing Agreement: Seller Reserved
Parcel Number: 7216032024
Garage Description: Driveway
Lease Term: Negotiable
Tenant Pays: Electricity,Gas,Trash Collection,Water
Source Listing Status: Active
Source Neighborhood: 9 - Poly High
Postal Code Plus 4: 5841
Directions: 405FWY, Cherry Ave South
Zoning: LBCNR
Source Property Type: Residential Income
Area: 9 - Poly High
Property Age: 121
Property Condition: Repairs Cosmetic,Updated/Remodeled
Year Built Source: Vendor Enhanced
Total Square Feet Living: 3986
Entry Location: Ground Level w/steps
Levels or Stories: Two,Multi/Split
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
2236 San Francisco Avenue, Long Beach, CA,90806 | $780,000 | 2 | 1 | 1,325 | 5959 Sqft |
2490 Chestnut Avenue, Long Beach, CA,90806 | $1,498,000 | 6 | 2 | 3,014 | 4530 Sqft |
2490 Chestnut Avenue, Long Beach, CA,90806 | $1,498,000 | 3 | -- | 3,014 | 4530 Sqft |
522 E Rhea Street, Long Beach, CA,90806 | $1,850,000 | 15 | 7 | 4,212 | 6500 Sqft |
2223 Locust Avenue, Long Beach, CA,90806 | $985,000 | 5 | 3 | 3,034 | 5821 Sqft |
618 E 21st Street, Long Beach, CA,90806 | $675,000 | 3 | 2 | 1,457 | 2997 Sqft |
2776 De Forest Avenue, Long Beach, CA,90806 | $749,999 | 2 | 2 | 1,377 | 3183 Sqft |
1861 Orange Avenue, Long Beach, CA,90806 | $750,000 | 5 | 2 | 1,897 | 2358 Sqft |
1971 Locust Avenue, Long Beach, CA,90806 | $1,295,000 | 6 | 3 | 2,869 | 6766 Sqft |
720 W Columbia Street, Long Beach, CA,90806 | $995,000 | 3 | 2 | 1,829 | 6630 Sqft |
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ByOwner last updated this listing 05/02/2024 @ 02:37
MLS: 24362089
LISTED BY: Royce Jefferson, Wiggs & Associates
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.