$1,550,000 Price Analysis   ♡   Long Beach, CA 90806 7 bed 5 bath 3,986 SqFt ($388/SqFt) 5,838SqFt lot. Built 1903 Listed 2024-02-26, Taxes $17,073 | Ⓧ USDA Ineligible due to price & location near Long Beach |
Op portunity Zone Explore the exceptional investment opportunity at 1825 Cherry Ave
Long Beach, CA. This property comprises seven fully occupied buildings in the sought-after prime area of Long Beach, offered at an attractive price of $221k per unit. Currently, the property yields an impressive 5.35% Cap Rate and boasts a 15 Gross Rent Multiplier (GRM), with potential for substantial growth to a projected 9.96% Cap Rate and 9.96 GRM.Situated on a generous lot of approximately 5, 837 SF, the property provides ample parking spaces for convenience.
Notably, this asset is not subject to LA City rent control, allowing for significnt annual rent increases of 8.8% (5% + CPI), offering substantial future upside potential.Conveniently located in prime Long Beach, moments away from Signal Hill and a short drive to downtown Long Beach, this property presents a prime investment opportunity in a thriving and desirable location. 2 Structures - Front House has been divided into 3 Units. Rear structure consists of 2 Studios and 2-1 BR Units. Upside in Rents. All Utilities are split and paid for by Tenants. Close proximity to busy PCH/Cherry intersection. Among recent upgrades is a Fire Sprinkler system.
Presented by Royce Jefferson at
Wiggs & Associates.
Property MLS #24-362089 from TheMLSCLAW
Full Bathrooms: 5
Flooring: Wood, Wood Laminate, Tile
Oven-Gas
Gas/Electric Range
Patio Features: Porch, Porch - Front, Porch - Rear, Roof Top Deck
Lot Size Acres: 0.134022
Lot Size Dimensions: 50 x 130
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 5838
Garage Description: Driveway
Parking Total: 7
Calculated Total Monthly Association Fees: 0
Number of Units: 7
Unit Features: 1 BathsTotal: 1, 1 SquareFeet: 3554, 2 BedsTotal: 1, 2 BathsTotal: 1, 2 SquareFeet: 6018, 3 BedsTotal: 2, 3 BathsTotal: 1, 3 SquareFeet: 5108
Tenant Pays: Gas, Electric, Water, Trash
Map directions Map directions Map directions Map directionsSource Listing Status: Active
County: Los Angeles
Cross Street: PCH
Cap Rate: 5.35
Directions: 405FWY, Cherry Ave South
Source Property Type: Residential Income
Area: Poly High
Source Neighborhood: Poly High
Owner Pays: Gardener
Parcel Number: 7216-032-024
Postal Code Plus 4: 5841
Property Location: Alley Access, City
Zoning: LBCNR
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $382,500 + $892,500 $1,275,000 | $17,073 |
| 2021 | $375,000 + $875,000 $1,250,000 | $16,700 |
| 2020 | $155,404 + $112,660 $268,064 | $5,025 |
| 2019 | $152,357 + $110,451 $262,808 | $4,964 |
| 2018 | $149,370 + $108,286 $257,656 | $4,742 |
| 2017 | $146,442 + $106,163 $252,605 | $4,686 |
| 2016 | $143,571 + $104,082 $247,653 | $4,388 |
| 2015 | $141,415 + $102,519 $243,934 | $4,246 |
| 2014 | $138,645 + $100,511 $239,156 | $4,235 |
| 2013 | $138,019 + $100,057 $238,076 | $4,125 |
| 2012 | $135,313 + $98,096 $233,409 | $4,157 |
| 2010 | $131,669 + $105,331 $237,000 | $3,304 |
| 2010 | $132,660 + $96,173 $228,833 | $3,304 |
| 2009 | $131,982 + $105,582 $237,564 | $3,260 |
| 2008 | $129,395 + $103,512 $232,907 | $3,047 |
| 2007 | $126,858 + $101,483 $228,341 | $2,944 |
$1,550,000
TheMLSCLAW
Sold 2020-12-30
$1,250,000
CRMLS
Sold 1994-04-26
$141,500
Public Record
Sold 1978-11-29
$57,500
Public Record
Year Built: 1903
Building Exterior Type: Stucco
Direction Faces: East
Entry Location: Ground Level w/steps
Foundation Details: Concrete Slab, Raised
Levels: Multi Levels, Two Level
Living Area Source: Vendor Enhanced
Property Age: 121
Property Condition: Updated/Remodeled, Repair Cosmetic
Roof: Clay, Flat
Levels or Stories: 2
Building Total Stories: 2
House Style: Spanish
Year Built Source: Vendor Enhanced
Architectural Style: Spanish
Security Features: Window Bars, Gated
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.