1724 Cherry AveLong Beach, CA 90813

This completely remodeled 8-unit Spanish-style apartment building in Long Beach, CA presents a compelling investment opportunity. Located just south of the Pacific Coast Highway, this property boasts a desirable location, close proximity to the beach (1 mile), the 405 freeway (1 mile), and the 110 freeway (just over 2 miles). The building, constructed in 1928 and extensively renovated in 2024, features a mix of four 2-bedroom/1-bathroom and four 1-bedroom/1-bathroom units. All unit interiors have been upgraded, including cabinets, countertops, flooring, paint, lighting, and bathrooms. The property includes three single garages and one double garage, offering potential for future Accessory Dwelling Unit (ADU) development. An attractive garden courtyard provides a peaceful common area and entry for tenants. An on-site laundry room is available, though currently without machines or a lease. Significant electrical panel upgrades were completed in 2021. The property sits on an 8,502 square foot lot, with a total building square footage of 5,540 square feet. The asking price is $2,175,000, representing a price per square foot of $392.60 and a price per unit of $271,875. The Net Operating Income (NOI) is $126,023, resulting in a 5.79% cap rate. Pro-forma NOI is $127,114, yielding a 5.84% pro-forma cap rate. Financing options are available with a 65% Loan-to-Value (LTV) at 6.05% interest only. This property offers a strong yield and attractive leverage potential, making it an ideal addition to any investment portfolio.