1081 Cherry Avenue,Long Beach, CA 90813
Long Beach, CA 90813
Description
1081 Cherry Avenue presents investors with a rare opportunity to acquire a fully occupied, cash-flowing six-unit asset in Long Beach at a compelling 6.42% current cap rate with immediate upside on the table. Offered at $1,100,000, $183,333 per unit and $397 per square foot, this 1923 built property delivers strong in place income of $110,208 annually against a lean 33% expense ratio, producing a current NOI of $70,569 with a clear path to $92,263 at pro forma rents. The property consists of one two-bedroom one-bath unit and five studios across 2,773 square feet of building on a 6,187 square foot lot. All six units are occupied with tenants paying gas and electric, and the building features an on-site laundry facility and garage parking for the two-bedroom unit. Studios are currently averaging $1,272 per month against a market rent of $1,600, representing an 18% rental upside that a new owner can capture through natural turnover with no heavy lifting required. At pro forma rents the GRM compresses to 8.45 and the cap rate expands to 8.39%, both favorable against comparable sales in the submarket which are averaging a 6.09% cap rate and 11.06 GRM. For the value-add investor seeking strong in-place cash flow with meaningful upside ahead, 1081 Cherry Avenue delivers day-one income, a below-market rent profile with room to grow, and the kind of returns that get stronger over time as rents are pushed to market through natural turnover.
Details
| MLS # | 26676253 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1923 |
| Days On Site | 146 |
| Listing Provided By | Lyon Stahl Investment Real Estate, Inc. | John 'Jack' McCann |
Features
| Bed(s) | 2 |
|---|---|
| Bath(s) | 6 |
| SQ Feet | 2,773 |
| Units | 6 |
| Building(s) | 2 |
| Zoning | LBR2N |
| Acreage | 0.14 |
Interior
| Cooling | None |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
Parking
| Parking Features | Driveway, Shared Driveway, On Street |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90813) | |
Price: $1,050,000 low | high Med: $1,499,000 sqft: 2,773 low | high Med: 3,380 $ / sqft: $379 low | high Med: $443 On site: 146 low | high Med: 139 | |
Market Activity 90813
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90813) | |
Price: $1,050,000 low | high Med: $1,499,000 sqft: 2,773 low | high Med: 3,380 $ / sqft: $379 low | high Med: $443 On site: 146 low | high Med: 139 | |
