Property Description

4.93% in place Cap Rate on this pride of ownership 16-unit Apartment Building near the highly desirable Rose Park and Alamitos Beach. The building features newer systems with the entire electrical completely replaced and the plumbing updated to copper. The current owner also did a substantial amount of foundation work and had the foundation certified within the past 2 years. Many of the units have had full renovations but most with many upgrades. 1101 Cherry Ave features a unit mix of (16) Studio Units, offered at only $159k/door! These clean units feature tile floors and countertops, ceiling fans, new paint and plenty of storage space. The subject property also features washers and dryers on site for all tenants. The upside in the Long Beach market is limitless, with $6 Billion in new capital pouring into projects such as the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific and Queen Mary Island.