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315 Cherry Avenue

Long Beach, CA 90802
  • $3,350,000
  • STATUS: Active
  • ON SITE: 25 Days
  • ID#: SB24022524
UPDATED: 6 min ago
$3,350,000
  • 0
    BEDS
  • 0.16
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1923
County:

School Ratings & Info

Listing Agent(s): Matthew Mahowald of Buckingham Investments, Inc (310 982-7055)


Description

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!

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-27T11:27:26.263. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
www.kevinhillre.com/homes/147184113
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315 Cherry Avenue Long Beach, CA 90802

  • Price: $3,350,000
  • Status: Active
  • On Site: 25 Days
  • Updated: 6 min ago
  • ID#: SB24022524
0
Beds
0
Baths
0
½ Baths
0.16
Acres
1923
Built
Neighborhood:
Alamitos Beach (Ab)
County:
Los Angeles
Area:
4 - Downtown Area, Alamitos Beach
Property Description
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!
Exterior Features

Architectural Style Spanish Construction Materials Unknown Entry Level 0 Entry Location Eastside Exterior Features Lighting Fencing Good ConditionSecurity Foundation Details Raised Lot Features 0-1 Unit/AcreBack YardFront YardLandscapedNear ParkNear Public TransitPavedStreet Level Number Of Separate Electric Meters 9 Other Structures Second Garage Parking Features GaragePublic Parking Total 4 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type AlleyCity Street Road Surface Type Alley PavedPaved Roof Flat Spa Features None Spa YN No View None View YN No Waterfront Features Ocean Side Of Highway

Interior Features

Common Walls 2+ Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring LaminateVinylWood Heating Ductless Heating YN Yes Interior Features Built-in FeaturesCeiling Fan(s)Multiple StaircasesOpen FloorplanQuartz CountersRecessed Lighting

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest None Community Features BikingCurbsDog ParkStreet LightsSidewalksGatedPark Contingency None. Electric Electricity - On PropertyStandard Electric Expense 100 Garage YN Yes Gross Income 0 Gross Scheduled Income 218166 Insurance Expense 100 Land Lease YN No Laundry Features Electric Dryer HookupGas Dryer HookupInsideLaundry ClosetLaundry Room Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan1031 Exchange Net Operating Income 152716 New Construction YN No Number Of Separate Gas Meters 8 Number Of Separate Water Meters 1 Number Of Units Leased 8 Operating Expense 65449 Possession Close Of Escrow Property Condition Turnkey Property Sub Type Mixed Use Rent Control YN Yes Security Features Gated CommunitySmoke Detector(s) Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 218166 Trash Expense 100 Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Water Sewer Expense 100 Water Source Public Zoning LBR1N



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-27T11:27:26.263. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
 
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Berkshire Hathaway HomeServices California Properties
25909 Pala Dr, Suite 100
Mission Viejo CA, 92691
Listing Agent(s): Matthew Mahowald of Buckingham Investments, Inc (310 982-7055)