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$1,150,000
Est. payment /mo
2 Beds
6 Baths
2,773 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 2,773 sqft
Price per Sqft $414
MLS Listing ID 26676253
Bedrooms 2
HOA Y/N No
Year Built 1923
Lot Size 6,185 Sqft
Property 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 6.08% current cap rate with immediate upside on the table. Offered at $1,150,000, $191,667 per unit and $415 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 $69,944 with a clear path to $91.638 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 8.83 and the cap rate expands to 7.97%, 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.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR2N
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Parking Features Driveway, Shared Driveway, On Street
Total Parking Spaces 5
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7267014025
Special Listing Condition Standard
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Listed by John 'Jack' McCann Lyon Stahl Investment Real Estate, Inc. #01963932
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