1615 Cherry Avenue
Description
- Unit Mix: This well-maintained building consists of 4 units, featuring 1 expansive...Investment Opportunity: Spacious 4-Unit Building in the Heart of an Up-and-Coming Neighborhood! Welcome to your next apartment investment located just south of Signal Hill and within a short 2-mile radius of the stunning beaches. This prime property offers not only a sought-after location but also incredible potential for growth in an area currently undergoing rezoning for additional apartment density. Key Features:
- Unit Mix: This well-maintained building consists of 4 units, featuring 1 expansive 3-bedroom apartment and 3 comfortable 2-bedroom apartments. The generous unit sizes are a standout feature, providing tenants with ample space and modern living comfort. Nestled in the vibrant and up-and-coming neighborhood, this property is strategically positioned for optimal access to both the bustling city life and the tranquil beachfront. Residents can enjoy the best of both worlds.
- Listed by Steven Richardson • DRE #01510320 • Brokerage DRE #02202700 • Y Realty • 213-344-7856
Property Details for 1615 Cherry Avenue
Property Details for 1615 Cherry Avenue
| Status | Active |
|---|---|
| MLS # | PW24251854 |
| Days on Market | 1 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1949 |
| County | Los Angeles County |
Building Information for 1615 Cherry Avenue
Property Information for 1615 Cherry Avenue
- Gross Income: $2,400
- Gross Scheduled Income: $82,800
- Gross Spendable Income: $58,995
- Vacancy Allowance Rate: 5
- Gross Operating Income: $78,660
- Net Operating Income: $58,995
- Number Of Rented Garages: 2
- Garage Rental Rate: $100
- Garage Income: $200
- Gross Multiplier: 13.0
- Cap Rate: 3.5
- Current Financing: Conventional
- Operating Expense: $19,665
- Operating Expense Percent: 25.00%
- Fuel Expense: $0
- Electric Expense: $0
- Insurance Expense: $400
- Trash Expense: $200
- Water Sewer Expense: $550
- Total Expenses: $1,150
- Tax Tract Number: 575...
- Tax Census Tract: 5752.02
- CFD/Mello-Roos Fee: $900
- Taxes Percent: 1.25%
- Tax Lot: 12
- Accessibility Features: 32 Inch Or More Wide Doors, 36 Inch Or More Wide Halls, Doors - Swing In, Low Pile Carpeting, No Interior Steps, Parking
- Disability Access: 32 inch or more wide doors, 36 inch or more wide halls, Doors - Swing In, Low Pile Carpeting, No Interior Steps, Other Main Level Modifications
- Assessments YN: Yes
- Assessments: Unknown
- Community Features: Sidewalks, Street Lights
- Appliances: Disposal, Gas Range, Gas Water Heater, Microwave, Range Hood, Refrigerator, Self Cleaning Oven, Water Heater Central, Water Heater
- Equipment: Community, Microwave, Refrigerator
- Interior Features: Ceiling Fan(s), Copper Plumbing Partial, Formica Counters, Laminate Counters, Open Floorplan, Tile Counters
- Room Type: All Bedrooms Down, Living Room, Primary Bathroom, Primary Bedroom
- Bedroom Features: All Bedrooms Down
- Water Heater Features: Central Water Heater, Gas
- Water Heater Type: Gas
- Laundry: Yes
- Laundry Features: Community
- Fireplace Features: None
- Fireplace Rooms: None
- Cooling: None
- Heating Type: Natural Gas
- Heat Source: Natural Gas
- Heating: Natural Gas
- Flooring: Carpet, Laminate, Tile
- Security Features: Carbon Monoxide Detector(s), Fire and Smoke Detection System, Gated Community, Smoke Detector(s)
- Security: Gated Community
- Construction Materials: Drywall Walls
- Exterior Features: Awning(s)
- Entry Location: Ground Floor
- Fence: Yes
- Fence: Privacy, Wrought Iron
- Fencing: Privacy, Wrought Iron
- Foundation Details: Combination, Concrete Perimeter
- View Description: City Lights
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Spa Features: None
- Lot Features: 0-1 Unit/Acre, Garden, Lawn, Lot 6500-9999, Level, Ranch, Yard
- Additional Property Use: Ranch/Farm
- Number Of Units: 4
- Land Lease: No
- Land Lease Type: Fee
- Road Frontage Type: City Street
- Levels: One
- Water: Public
- Sewer: Public Sewer
- Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected
- Electric: Electricity - On Property
- Water Source: Public
- Garage Spaces: 2
- Parking: Yes
- Parking Garage: Direct Entrance, Garage - 1 Car
- Parking Garage Spaces: 2
- Carport Spaces: 0
- Parking Features: Direct Garage Access, Concrete, Paved, Driveway Level, Garage Faces Front, Garage - Single Door, On Site
- Builders Tract Name: Other
- Builders Tract Code: Other (OTHR)
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 1
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,500
- Unit Type Total Rent: $1,500
- Unit Type Pro Forma: 2295
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,500
- Unit Type Total Rent: $1,500
- Unit Type Pro Forma: 2295
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 1
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,800
- Unit Type Total Rent: $1,800
- Unit Type Pro Forma: 2850
- Unit Type Type: 3
- Unit Type Units Total: 1
- Unit Type Beds Total: 3
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $2,100
- Unit Type Total Rent: $2,100
- Unit Type Pro Forma: 2850
- Unit Type Type: 4
- Number Of Units Leased: 4
- Rent Controlled: No
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 4
- Number Of Separate Gas Meters: 4
- Number Of Separate Water Meters: 1
Property History for 1615 Cherry Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1615 Cherry Avenue
Schools near 1615 Cherry Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Charter - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Whittier Elementary School PublicK to 5 | ||
Franklin Classical Middle School Public6 to 8 | ||
Polytechnic High School Public9 to 12 | ||
Clear Passage Educational Center Charter9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Y Realty, Steven Richardson, DRE #01510320
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.