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1615 Cherry Avenue

Long Beach, CA 90813
  • $1,299,000
  • STATUS: Active
  • ON SITE: 32 Days
  • ID#: PW24015369
Price Reduced
UPDATED: 205 min ago
$1,299,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1949
County:

School Ratings & Info

Listing Agent(s): Steven Richardson of Y Realty (877-976-5348)


Description

**Fantastic Investment Opportunity: Spacious 4-Unit Building in the Heart of an Up-and-Coming Neighborhood!**Welcome to your next lucrative investment located just south of Signal Hill and within a short 2-mile radius of the stunning beaches. This prime property offers not only a sought-after location but also incredible potential for growth in an area currently undergoing rezoning for additional apartment density.**Key Features:**- **Unit Mix:** This well-maintained building consists of 4 units, featuring 2 expansive 3-bedroom apartments and 2 comfortable 2-bedroom apartments. The generous unit sizes are a standout feature, providing tenants with ample space and modern living comfort.- **Prime Location:** Nestled in the vibrant and up-and-coming neighborhood, this property is strategically positioned for optimal access to both the bustling city life and the tranquil beachfront. Residents can enjoy the best of both worlds.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-03T00:29:37.863. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/147099752
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1615 Cherry Avenue Long Beach, CA 90813

  • Price: $1,299,000
  • Status: Active
  • On Site: 32 Days
  • Updated: 205 min ago
  • ID#: PW24015369
0
Beds
0
Baths
0
½ Baths
0.17
Acres
1949
Built
Neighborhood:
None
County:
Los Angeles
Area:
8 - Signal Hill
Property Description
**Fantastic Investment Opportunity: Spacious 4-Unit Building in the Heart of an Up-and-Coming Neighborhood!**Welcome to your next lucrative investment located just south of Signal Hill and within a short 2-mile radius of the stunning beaches. This prime property offers not only a sought-after location but also incredible potential for growth in an area currently undergoing rezoning for additional apartment density.**Key Features:**- **Unit Mix:** This well-maintained building consists of 4 units, featuring 2 expansive 3-bedroom apartments and 2 comfortable 2-bedroom apartments. The generous unit sizes are a standout feature, providing tenants with ample space and modern living comfort.- **Prime Location:** Nestled in the vibrant and up-and-coming neighborhood, this property is strategically positioned for optimal access to both the bustling city life and the tranquil beachfront. Residents can enjoy the best of both worlds.
Exterior Features

Architectural Style Contemporary Construction Materials Drywall Entry Level 1 Entry Location Ground Floor Exterior Features Awning(s) Fencing PrivacyWrought Iron Foundation Details CombinationConcrete Perimeter Lot Features 0-1 Unit/AcreGardenLawnLevelRanchYard Number Of Separate Electric Meters 1 Parking Features ConcreteDirect AccessDriveway LevelDoor-SingleGarage Faces FrontGarageOn SitePaved Parking Total 2 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Spa Features None Spa YN No View City Lights View YN Yes

Interior Features

Accessibility Features Low Pile CarpetNo StairsParkingAccessible DoorsAccessible Hallway(s) Appliances DisposalGas RangeGas Water HeaterMicrowaveRefrigeratorRange HoodSelf Cleaning OvenWater Heater Common Walls 2+ Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring CarpetLaminateTile Heating Natural Gas Heating YN Yes Interior Features Ceiling Fan(s)Laminate CountersOpen FloorplanTile CountersAll Bedrooms Down

Property Features

Additional Parcels YN No Cap Rate 3.5 Common Interest Community Apartment Community Features Street LightsSidewalksGated Current Financing Conventional Electric Electricity - On Property Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 2400 Gross Scheduled Income 82800 Insurance Expense 400 Land Lease YN No Laundry Features Common Area Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash to New Loan Net Operating Income 58995 New Construction YN No Number Of Separate Gas Meters 4 Number Of Separate Water Meters 4 Number Of Units Leased 3 Operating Expense 19665 Possession Close Of Escrow Property Sub Type Apartment Rent Control YN No Security Features Carbon Monoxide Detector(s)Fire Detection SystemGated CommunitySmoke Detector(s) Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 200 Utilities Electricity ConnectedNatural Gas ConnectedSewer Connected Vacancy Allowance Rate 5 Water Sewer Expense 550 Water Source Public Zoning LBCNR



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-03T00:29:37.863. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
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Legacy 15 Real Estate Brokers
22521 Avenida Empresa Suites 100 & 102
Rancho Santa Margarita CA, 92688
Listing Agent(s): Steven Richardson of Y Realty (877-976-5348)