1724 Cherry AVE Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90813
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 5,540 sqft
Price per Sqft $392
Subdivision Poly High (Ph)
MLS Listing ID SB24164233
Year Built 1928
Lot Size 8,502 Sqft
Property Description
Price just reduced!! Just short of a 6 Cap rate now. This totally remodeled turnkey 8 unit Spanish Style property is in a high demand rental area of Long Beach just South of PCH. Great unit mix with (4) 2 Bed 1 Bath units and (4) 1 Bed 1 Bath units, and 100% of the unit interiors have been upgraded including cabinets, counters, flooring, paint, lighting, and bathrooms. One double garage and (3) single garages with additional storage create a great opportunity for a future ADU build. There is an attractive garden courtyard area for tenants' enjoyment, creating peaceful entries and common areas. Conveniently located for tenants at just 1 mile to the beach, 1 miles to the 405, and just over 2 miles to the 110. An onsite laundry room exists with hookups, but no machines or leases are in place. (4) of the units include in unit laundry. Major electrical panel upgrades were completed in 2021. Building is retrofitted and anchor bolted for earthquakes. Priced at a competitive GRM in the high 10's (10.96) and a Cap Rate just shy of 6% (5.8%), with strong yield allowing good leverage (~65% LTV) with interest only loans available at 5.8%.
Location
State CA
County Los Angeles
Area 9 - Poly High
Zoning LBCNR
Rooms
Ensuite Laundry Common Area,Inside,Laundry Closet
Interior
Laundry Location Common Area,Inside,Laundry Closet
Fireplaces Type None
Laundry Common Area,Inside,Laundry Closet
Exterior
Garage Garage,Storage
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Suburban
Building
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash to New Loan,1031 Exchange
Listing Terms Cash to New Loan,1031 Exchange
Special Listing Condition Standard