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125 Cherry Ave, Long Beach, CA 90802
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125 Cherry Ave Long Beach, CA 90802

$3,100,000 Sold Price as of 09/25/2019
  • 8 Beds
  • 10 Baths
  • 5,870 Sq.Ft.
Sold
$3,100,000 Sold Price as of 09/25/2019 Refinance Your Mortgage
Map preview of 125 Cherry Ave, Long Beach, CA 90802

Property Overview: 125 Cherry Ave Long Beach, CA has 8 bedrooms, 10 bathrooms, 5,870 living square feet and 5,071 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 125 Cherry Avenue is a 9-unit investment opportunity in prime Alamitos Beach, just two blocks from the ocean. The property offers a desirable mix of (2) studio units, (6) one-bedroom/one-bath units and (1) two-bedroom/1.5 bath unit. All units have been renovated with hardwood and wood-style luxury plank flooring, quartz countertops, Shaker-style cabinetry, stainless steel appliances and designer fixtures and hardware. Additional building features include secure, gated entry, bike storage racks, and a modern community BBQ/dining/entertainment courtyard. The Alamitos Beach location gives tenants close access to outdoor activities at Bixby Park and amenities at Fourth Street/Retro Row. This property provides an excellent opportunity for a new investor to own a turnkey asset in a submarket that commands rents that are approximately 19% higher on average than other Long beach neighborhoods. Nestled between downtown Long Beach and Belmont Shore is the charming, popular coastal neighborhood of Alamitos Beach. The area is within minutes of the best that Long Beach has to offer. Residents can walk to the wide sandy beach, bike path and volleyball courts, as well quaint bars and restaurants along the Broadway Corridor and trendy shops, restaurants and bars on Fourth Street-Retro Row. The area is also adjacent to booming Downtown Long Beach and its multitude of employment opportunities.

Listed by Robert Stepp | BRE #01456379 | Keller Williams Pacific Estate
Last checked: 2 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 16

Home details

Lot Sq. Ft
5,071
HOA Dues
$0/mo
Year built
1948
Garage
1 Car
Property Type:
Multi Family
Status
Sold
MLS#
PW19179785
City
Long Beach
County
Los Angeles
Time on Site
1521 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 9
  • Total # of Buildings: 1
  • # of Electric Meters: 9
  • # of Gas Meters: 9
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,250
  • Total Rent: $2,250
  • Pro Forma/Market Rent: $2,395
Unit Breakdown 2
  • # of Units: 6
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,812
  • Total Rent: $10,872
  • Pro Forma/Market Rent: $1,845
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,545
  • Total Rent: $3,090
  • Pro Forma/Market Rent: $1,595
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $194,520
  • Net Operating Income: $129,606
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $64,167
  • Electric: $833
  • Gas/Fuel: $833
  • Licenses: $500
  • New Taxes: $38,766
  • Trash: $833
  • Gardener: $1,000
  • Insurance: $5,953
  • Maintenance: $3,375
  • Professional Management: $8,720
  • Water/Sewer: $833
  • Other Expenses: $1,575
  • Other Expense Description: Reserves

Property Details for 125 Cherry Ave

Interior Features
Laundry Information
  • Has Laundry
  • Common Area, Individual Room
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 1
  • # of Parking Spaces: 1
  • Has Parking
  • Parking Features: Garage
Lot Information
  • Lot Features: 6-10 Units/Acre
  • Lot Size Source: Assessor
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 9
  • Parcel Number: 7265020013
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Alamitos Beach (AB)
  • Directions: Cherry Ave & E Broadway
Neighborhood Information
  • Community Features: Sidewalks, Street Lights, Urban
View more facts & features

Local Long Beach Agent

Sale History for 125 Cherry Ave

Last sold for $3,100,000 on September 25th, 2019

  • September, 2019

  • Sep 25, 2019

    Date

    Sold

    CRMLS: PW19179785

    $3,100,000

    Price

  • Aug 15, 2019

    Date

    Pending

    CRMLS: PW19179785

    $3,100,000

    Price

  • Jul 29, 2019

    Date

    Active

    CRMLS: PW19179785

    $3,100,000

    Price

  • September, 2019

  • Sep 25, 2019

    Date

    Sold (Public Records)

    Public Records

    $3,100,000

    Price

  • April, 2017

  • Apr 21, 2017

    Date

    Sold (Public Records)

    Public Records

    $1,740,000

    Price

Show More

Tax History for 125 Cherry Ave

Assessed Value (2020): $3,101,380
Year Land Value Improved Value Assessed Value
2020 $2,100,000 $1,001,380 $3,101,380

Home Value Compared to the Market

This property vs the competition

125 Cherry Ave sold on September 25, 2019 for 278.51% higher than the current median sold price for the city of Long Beach which is $819,000. The median sold price per/sqft for Long Beach is $628 and this home is sold at $528.11 per/sqft which puts the price per square foot 15.91% lower than the current median sale per square foot for the city of Long Beach.

About 125 Cherry Ave

Detailed summary of property

125 Cherry Ave is a multi family that recently sold in Long Beach, CA 90802. This multi family property offered 8 bedrooms, 10 bathrooms, roughly 5,870 living square feet, and sits on an approximately 5,071 square foot lot. 125 Cherry Ave was first listed on ArdentRealEstateGroup.com on July 20, 2020. The homeowner sold the property for $3,100,000. Home in Long Beach are selling for a median price of $819,000 and a median price per square foot of $628. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 278.51% higher than the current median priced home. Local homes that are currently for sale include 1980 Harbor Ave, 6807 E Seaside Walk and 3402 Gundry Ave. While the average home in Long Beach, CA is selling in 62 days, 125 Cherry Ave has a days on market of 16 days. There are currently 778 homes for sale in the Long Beach real estate market and 416 of them are single family homes while 337 of them are condos and 23 are townhomes. For more information on this home for sale at 125 Cherry Ave Long Beach, CA 90802 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 125 Cherry Ave

Public county record property details
Beds
8
Baths
9
Year built
1948
Sq. Ft.
5,870
Lot Size
5,070
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
8,9
APN
7265-020-013

The source for these homes facts are from public records.

90802 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$569,000
Median List Price/Sq.Ft.
$660
Median Sold Price
$515,000
Median Sold Price/Sq.Ft.
$619
Total Inventory
173
Median Sale to List Price %
100.39%
Avg Days on Market
43
Loan Type
Conventional (60.71%), FHA (7.14%), VA (0%), Cash (14.29%), Other (17.86%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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