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1094 Cherry Ave, Long Beach, CA 90813

1094 Cherry Ave, Long Beach, CA 90813
$1,275,000

Description

Beautifully Remodeled, 5-Unit Cash Cow located at 1094 Cherry Ave., Long Beach. Currently offering a 4.66% Cap rate, Cherry Ave. is an ideal pickup for any exchange buyer or investor looking for a low maintenance, high return investment. Cherry Ave. has a great unit mix, offering (3) 1-Bed/1-Bath & (2) 2-Bed/1-Bath units. Though the title shows only 4-units, the current owner added and has permits for a 5th unit on the property. The property has undergone a full renovation, including major system upgrades to both the plumbing and electricity. Each unit has had interior renovations with new bathrooms/ kitchens, flooring, and paint. There is plenty of parking at the rear of the property, including (3) Garages as well as multiple uncovered spaces. The building is separately metered for gas and electric. With room to raise rents in each unit, this is a great opportunity to capitalize on a cash-flowing asset with rental upside. Do not miss out on an opportunity to own a stabilized asset only blocks away from the $6B development pouring into Downtown Long Beach.

Property Downloads

  • City: Long Beach
  • State/county: CA
  • Country: United States

Detail

Updated on September 10, 2020 at 8:05 am

  • Price: $1,275,000
  • List Date: 8/5/2020
  • Property Size: 2,321 Sq Ft
  • Land Area: 5,723 Sq Ft
  • Year Built: 1948
  • Property Type: Multifamily
  • Property Status: Active
  • Numbers of Units: 5
  • NOI: $60,629
  • Price per Unit: $260,000

Contact info

Cameron Samimi
Cameron Samimi
(310) 880-3855 (310) 259-7556
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