1724 Cherry Avenue

Long Beach, CA 90813

$2,125,000
Last Sold Price
12
Beds
8
Baths
5,540 Sq. Ft.
$384 / Sq. Ft.
5,540
Sq. Ft.
$384
per Sq. Ft.

Closed 12/20/24

Closed 12/20/24

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...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. 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%.
  1. Listed by Anthony Walker • DRE #01908153 • Brokerage DRE #01914434 • Buckingham Investments, Inc • 310-561-4776
  2. Listed by Josh Ess • DRE #02035659 • Brokerage DRE #01914434 • Buckingham Investments, Inc

Property Details for 1724 Cherry Avenue

Parking Spaces Total
5
Private Pool
No
Total Units
8.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
5540
Assessor Parcel Number
7261-006-022
Property Attached YN
true
LISTING UPDATED: 12/20/2024 05:55 AM

Property Details for 1724 Cherry Avenue

StatusClosed
MLS #SB24164233
Days on Market53
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1928
CountyLos Angeles County

Building Information for 1724 Cherry Avenue

Building/Complex1724 Cherry AveFloor-Stories2Residences-Pet Policy-Year Built1928Building Size-

Property Information for 1724 Cherry Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $198,360
  • Gross Scheduled Income: $192,660
  • Net Operating Income: $124,921
  • Number Of Rented Garages: 5
  • Garage Rental Rate: $95
  • Garage Income: $5,700
  • Gross Multiplier: 10.96
  • Cap Rate: 5.8
  • Financing: Cash To Existing Loan
Expense Details
  • Operating Expense: $63,806
  • Gardener Expense: $1,080
  • Fuel Expense: $947
  • Licenses Expense: $774
  • Electric Expense: $380
  • Insurance Expense: $9,695
  • Maintenance Percent: 5.00%
  • Professional Management Expense: $11,023
  • Trash Expense: $418
  • Water Sewer Expense: $2,066
  • Total Expenses: $63,806
Tax / Assessment Info
  • Tax Block: 3
  • Tax Tract Number: 3
  • Tax Census Tract: 5751.01
  • CFD/Mello-Roos Fee: $1,538
  • Tax Lot: 21
Community / Development
Community / Development
  • Community Features: Suburban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area, In Closet, Inside
  • Fireplace Features: None
  • Fireplace Rooms: None
Exterior Features
  • Entry Location: Front
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Lot 10000-19999 Sqft
  • Number Of Units: 8
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 5
  • Parking: Yes
  • Parking Garage: Built-In Storage, Garage
  • Parking Garage Spaces: 5
  • Carport Spaces: 0
  • Parking Features: Built-In Storage, Garage
Property / Structure Info
  • Builders Tract Name: Poly High
  • Builders Tract Code: Poly High (PH)
Unit Information
Unit 1
  • 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: $2,195
  • Unit Type Total Rent: $2,195
  • Unit Type Pro Forma: 2195
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,795
  • Unit Type Total Rent: $1,795
  • Unit Type Pro Forma: 1795
  • Unit Type Type: 2
Unit 3
  • 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: $2,320
  • Unit Type Total Rent: $2,320
  • Unit Type Pro Forma: 2320
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,795
  • Unit Type Total Rent: $1,795
  • Unit Type Pro Forma: 1795
  • Unit Type Type: 4
Unit 5
  • 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: $2,195
  • Unit Type Total Rent: $2,195
  • Unit Type Pro Forma: 2195
  • Unit Type Type: 5
Unit 6
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,820
  • Unit Type Total Rent: $1,820
  • Unit Type Pro Forma: 1820
  • Unit Type Type: 6
Unit 7
  • 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: $2,120
  • Unit Type Total Rent: $2,120
  • Unit Type Pro Forma: 2195
  • Unit Type Type: 7
Unit 8
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,815
  • Unit Type Total Rent: $1,815
  • Unit Type Pro Forma: 1820
  • Unit Type Type: 8
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1

Property History for 1724 Cherry Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1724 Cherry Avenue

Taxable ValueLand$1,140,798Additions$742,845Total$1,883,643
Tax Record2024$24,943 ($2,079 / month)
Home Facts
Total Finished SqFt5,540 SqFtAbove Grade Finished SqFt5,540 SqFtLot Size8,502 SqFtStyleMulti-Family Res (5+ Units)Year Built1928ZoningLBCNRCountyLOS ANGELESAPN7261-006-022

Schools near 1724 Cherry Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Lee Elementary School
Public - K to 5
Jefferson Leadership Academies School
Public - 6 to 8
Wilson High School
Public - 9 to 12
Clear Passage Educational Center
Charter - 9 to 12
Rating
School
Distance
Lee Elementary School
PublicK to 5

Jefferson Leadership Academies School
Public6 to 8

Wilson 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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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Buckingham Investments, Inc, Anthony Walker, DRE #01908153; Buckingham Investments, Inc, Josh Ess, DRE #02035659

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.