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Multifamily

1712 Cherry Ave

1712 Cherry Ave, Long Beach, CA 90813

Listing Price: $1,450,000

Cap Rate
4.57%
Number of Units
4
Occupancy
97.0%
Price/Unit
$362,500
Price/Gross SF
$365.42
Gross SF
3,968

Investment Overview

Marcus & Millichap is pleased to present a 4-unit apartment building located in Long Beach, CA. Built in 1964, the subject property consists of 3,968 rentable square-feet, spread throughout a 5,995 square foot lot. Most units have been recently updated, consisting of two 2-Bedroom/ 1-Bathroom units, one 3-Bedroom/ 3-Bathroom unit and one 3-Bedroom/ 2-Bathroom house to the back of the property. Owners can enjoy this high-demand rental location known for blue-collar workers, resulting in consistent low vacancy-rates and increasing rents. Tenants appreciate living close to 405-Freeway, public transportation, great schools, dining and much more. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The $495 million Long Beach Courthouse was completed and opened in September 2013. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset with high-demand rental market in a great neighborhood of Long Beach.

Investment Highlights

  • Great Unit Mix: (2) 2Bdr/1B, (1) 3Bdr/3B, & (1) 3Bdr/2B House
  • House Completely Renovated Including: New Hardwood Floors, Custom Cabinets, Stainless Steel Appliances, Bathroom Vanities, and Paint
  • 2 Units Will Be Delivered Vacant -- Perfect Owner/User Investment
  • 6 Parking Spaces
  • With All Units Leased: 4.57% Cap Rate with Upside Remaining

Exclusively Listed By

Multifamily

1712 Cherry Ave

Listing Price: $1,450,000

Cap Rate
4.57%
Number of Units
4
Occupancy
97.0%
Price/Unit
$362,500
Price/Gross SF
$365.42
Gross SF
3,968

Investment Highlights

  • Great Unit Mix: (2) 2Bdr/1B, (1) 3Bdr/3B, & (1) 3Bdr/2B House
  • House Completely Renovated Including: New Hardwood Floors, Custom Cabinets, Stainless Steel Appliances, Bathroom Vanities, and Paint
  • 2 Units Will Be Delivered Vacant -- Perfect Owner/User Investment
  • 6 Parking Spaces
  • With All Units Leased: 4.57% Cap Rate with Upside Remaining

Investment Overview

Marcus & Millichap is pleased to present a 4-unit apartment building located in Long Beach, CA. Built in 1964, the subject property consists of 3,968 rentable square-feet, spread throughout a 5,995 square foot lot. Most units have been recently updated, consisting of two 2-Bedroom/ 1-Bathroom units, one 3-Bedroom/ 3-Bathroom unit and one 3-Bedroom/ 2-Bathroom house to the back of the property. Owners can enjoy this high-demand rental location known for blue-collar workers, resulting in consistent low vacancy-rates and increasing rents. Tenants appreciate living close to 405-Freeway, public transportation, great schools, dining and much more. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The $495 million Long Beach Courthouse was completed and opened in September 2013. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset with high-demand rental market in a great neighborhood of Long Beach.

Exclusively Listed By

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