1724 Cherry Avenue, Long Beach
Long Beach Home For Sale
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. Priced at a competitive GRM in the low 11's (11.18) and a Cap Rate just shy of 6% (5.7%), with strong yield allowing good leverage (~65% LTV) with interest only loans available at 6.05%.
Property Details
Additional Information
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- City:
- Long Beach
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- County:
- Los Angeles
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- Zip:
- 90813
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- MLS® #:
- SB24164233
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- Bedrooms:
- 12
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- Bathrooms:
- 8
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- Lot Size:
- 0.20
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- Neighborhood:
- Poly High (PH)
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- Levels:
- Two
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- Garages:
- 5
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- HOA Dues:
- $
Based on information from California Regional Multiple Listing Service, Inc. as of August 10th, 2024 at 12:15pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.