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    1101 Cherry Avenue

    Long Beach, CA 90813
    • $2,550,000
    • STATUS: SOLD
    • ON SITE: 83 Days
    • ID#: SB21172174
    Sold - 10/18/2021
    $2,550,000
    SOLD - 10/18/2021
    • 0
      BEDS
    • 0.09
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    Description

    4.93% in place Cap Rate on this pride of ownership 16-unit Apartment Building near the highly desirable Rose Park and Alamitos Beach. The building features newer systems with the entire electrical completely replaced and the plumbing updated to copper. The current owner also did a substantial amount of foundation work and had the foundation certified within the past 2 years. Many of the units have had full renovations but most with many upgrades. 1101 Cherry Ave features a unit mix of (16) Studio Units, offered at only $159k/door! These clean units feature tile floors and countertops, ceiling fans, new paint and plenty of storage space. The subject property also features washers and dryers on site for all tenants. The upside in the Long Beach market is limitless, with $6 Billion in new capital pouring into projects such as the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific and Queen Mary Island. 4.93% in place Cap Rate on this pride of ownership 16-unit Apartment Building near the highly desirable Rose Park and Alamitos Beach. The building features newer systems with the entire electrical completely replaced and the plumbing updated to copper. The current owner also did a substantial amount of foundation work and had the foundation certified within the past 2 years. Many of the units have had full renovations but most with many upgrades. 1101 Cherry Ave features a unit mix of (16) Studio Units, offered at only $159k/door! These clean units feature tile floors and countertops, ceiling fans, new paint and plenty of storage space. The subject property also features washers and dryers on site for all tenants. The upside in the Long Beach market is limitless, with $6 Billion in new capital pouring into projects such as the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific and Queen Mary Island.

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    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2021 San Diego MLS, Inc. Licensed in the state of California.
    www.solisteamrealty.com/homes/120104726
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    1101 Cherry Avenue Long Beach, CA 90813

    • Price: $2,550,000
    • Status: SOLD
    • Updated: 24 min ago
    • ID#: SB21172174
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.09
    Acres
    Neighborhood:
    Long Beach (90813)
    County:
    Los Angeles
    Area:
    Long Beach (90813)
    Property Description
    4.93% in place Cap Rate on this pride of ownership 16-unit Apartment Building near the highly desirable Rose Park and Alamitos Beach. The building features newer systems with the entire electrical completely replaced and the plumbing updated to copper. The current owner also did a substantial amount of foundation work and had the foundation certified within the past 2 years. Many of the units have had full renovations but most with many upgrades. 1101 Cherry Ave features a unit mix of (16) Studio Units, offered at only $159k/door! These clean units feature tile floors and countertops, ceiling fans, new paint and plenty of storage space. The subject property also features washers and dryers on site for all tenants. The upside in the Long Beach market is limitless, with $6 Billion in new capital pouring into projects such as the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific and Queen Mary Island. 4.93% in place Cap Rate on this pride of ownership 16-unit Apartment Building near the highly desirable Rose Park and Alamitos Beach. The building features newer systems with the entire electrical completely replaced and the plumbing updated to copper. The current owner also did a substantial amount of foundation work and had the foundation certified within the past 2 years. Many of the units have had full renovations but most with many upgrades. 1101 Cherry Ave features a unit mix of (16) Studio Units, offered at only $159k/door! These clean units feature tile floors and countertops, ceiling fans, new paint and plenty of storage space. The subject property also features washers and dryers on site for all tenants. The upside in the Long Beach market is limitless, with $6 Billion in new capital pouring into projects such as the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown Village, Broadway Block, The Pacific and Queen Mary Island.
    Exterior Features

    Pool N/K Site CurbsSidewalks

    Interior Features

    Stories 2 Story Total Baths Unit1 1

    Property Features

    Actual Cap Rate 4.93 Annual Expense Actual 66753 Buildings 1 Gross Rent Multiplier Actual 12.85 Gross Scheduled Income Actual 198396 Terms Conventional Unit Number For Unit1 1 Unit1 Rent Actual 16533.0 Zoning Assessor

    Listing provided courtesy of Lyon Stahl Investment Real Estate, Inc.. Listing information © 2021 San Diego MLS Inc. Source: CRMLS
    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2021 San Diego MLS, Inc. Licensed in the state of California.
     
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