1724 Cherry AveLong Beach, CA 90813

Property Details for 1724 Cherry Ave

Year built

1928

Construction

WOOD

Lot size

0.20 AC

Property size (Sq ft)

5,540 SF

Zone code

LBCNR

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

7261-006-022

APU

7261006022

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,630,355

  6.5%

  $1,504,943

  7%

  $1,397,448

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,739,081

  Geo Method

  $2,739,081

• Alternative Use

  Use

  Valuation

  Residential

  $1,504,943

  Hospitality

  $1,378,520

  Educational

  $1,146,912

  Medical

  $1,186,357

  Retail

  $1,784,086

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.7886

Longitude

-118.167

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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