315 Cherry Ave - Apartments FOR SALE


Long Beach, CA 90802
$3,195,000 USD
310-756-5511
315 Cherry Ave, Long Beach, CA for Sale
$3,195,000 USD
Apartments - FOR SALE
1/20
null | 4.78% Cap Rate

315 Cherry Ave
Long Beach, CA 90802


OVERVIEW

Charming, turnkey, and in a prime location – this is the generational asset you have been looking for! This clean and well-maintained 8-unit property consists of six 1bed/1bath units (over 900 sqft each) and two studio units with four garages. All the units are large, allow for a ton of natural light inside, have great layouts with cool original features (like French Doors, custom built-ins, fire places, etc.). Plus, the vintage character of this classic Spanish style property has been meticulously preserved, while modern amenities have been added over time like laundry units, AC/Heating units, modern kitchens, lighting, ceiling fans, etc. in each unit. The entire property is secured, has drought-resistant landscaping, and has separate electrical and gas meters for each unit. Located within Alamitos Beach, this highly sought after neighborhood of Costal Long Beach is in close proximity to the best the city has to offer – local parks (Carroll & Bixby Park), local beaches (Alamitos & Junipero Beach), local restaurants (4th Street Corridor & Retro Row), local golf courses, public transportation, etc. Plus, this neighborhood is securely anchored by the thriving local economy that continues to grow within Downtown Long Beach. For the savvy investor, the potential may exist to convert the garages into two studio units and/or to add additional bedrooms/ bathrooms to the existing large 1bed units. Also, one might consider a short-term and/or mid-term rental strategy to boost the income even more. This perfect combination is what every tenant is looking for in this area, which keeps vacancy rates low and market rental rates as high as possible – making this a great addition to any investors portfolio!

FOR SALE DETAILS

PRICE

$3,195,000 USD

PRICE/SF

$500 USD /SF

# OF UNITS

8

PRICE/UNIT

$399,375

CAP RATE

4.78%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1923

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,970 SF

ZONING

R1N, Long Beach

APN/PARCEL ID

7275-018-033

ASK ABOUT THIS PROPERTY

Matt MahowaldBuckingham InvestmentsMore Info
310-756-5511

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Matt MahowaldBuckingham InvestmentsMore Info
310-756-5511

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.