Ryan Shimp

Private Office Advisor | License ID: 01864245

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$ 2,125,000

$ 2,175,000 2.3%

Est. payment -/mo

Sold on 12/20/2024

1724 Cherry AVE Long Beach, CA 90813

8,502 Sqft Lot

UPDATED:

Key Details

Sold Price $2,125,000

Property Type Condo

Sub Type Apartment

Listing Status Sold

Purchase Type For Sale

Subdivision Poly High (Ph)

MLS Listing ID SB24164233

Sold Date 12/20/24

HOA Y/N No

Year Built 1928

Lot Size 8,502 Sqft

Property 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 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. (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%.

Location

State CA

County Los Angeles

Area 9 - Poly High

Zoning LBCNR

Interior

Fireplaces Type None

Fireplace No

Laundry Common Area, Inside, Laundry Closet

Exterior

Parking Features Garage, Storage

Garage Spaces 5.0

Garage Description 5.0

Pool None

Community Features Suburban

Total Parking Spaces 5

Private Pool No

Building

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7261006022

Energy Description 947.0

Acceptable Financing Cash to New Loan, 1031 Exchange

Listing Terms Cash to New Loan, 1031 Exchange

Financing Cash to Loan

Special Listing Condition Standard

Listed by Anthony Walker • Buckingham Investments, Inc • 310-561-4776
Bought with NONE NONE • None MRML

Ryan Shimp

Private Office Advisor | License ID: 01864245

+1(818) 314-8606

GET MORE INFORMATION

1724 Cherry AVE Long Beach, CA 90813

Key Details

Location

Interior

Exterior

Building

Others

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1724 Cherry AVE