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$2,175,000

Est. payment - /mo

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5,540 SqFt

Active

1724 Cherry AVE Long Beach, CA 90813

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

09/30/2024 06:11 PM

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

HOA Y/N No

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

Fireplace No

Laundry Common Area, Inside, Laundry Closet

Exterior

Garage Garage, Storage

Garage Spaces 5.0

Garage Description 5.0

Pool None

Community Features Suburban

Parking Type Garage, Storage

Total Parking Spaces 5

Private Pool No

Building

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7261006022

Energy Description 947.0

Acceptable Financing Cash to New Loan, 1031 Exchange

Listing Terms Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

Listed by Anthony Walker • Buckingham Investments, Inc • 310-561-4776

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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