Closed – 16 Units in Long Beach | $1,875,000
Congratulations to Cameron Samimi of Lyon | Stahl Investment Real Estate for closing 1101 Cherry Ave,
a 16-unit apartment building in Long Beach!
This charming Long Beach 1920’s building has been completely upgraded by local design artist Peter Cate. The property consists of 16 units, all studio apartments. It features a gated entry, most utilities paid by owner, on-site laundry room, and a beautiful courtyard. Many of the units have been upgraded and features tile kitchens and baths, stove, blinds, and a modern paint scheme.
Great 8.08% Cap Rate with real opportunity to improve operational efficiency. Excellent for an investor looking for a property in a pro-landlord town with substantial upside in rents (NO RENT CONTROL). The entire building received new dual pane windows and a fresh exterior paint job in January of 2007. The property has very small and low maintenance common and ingress/egress areas which are all hardscaped. These charming and beautifully remodeled units are a bargain!