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1426 Cherry Ave Long Beach, CA 90813

$1,297,500 Sold Price as of 12/15/2021

10 Beds
4 Baths
2,968 Sq.Ft.

Sold

$1,297,500 Sold Price as of 12/15/2021 Refinance Your Mortgage

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Map preview of 1426 Cherry Ave, Long Beach, CA 90813

Property Overview: 1426 Cherry Ave Long Beach, CA has 10 bedrooms, 4 bathrooms, 2,968 living square feet and 5,975 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Well located 4 unit property just outside of Downtown Long Beach. Major value add potential with a 37% upside on actual income. Huge ADU development potential with 10 single garages in a separate structure on the lot. Excellent unit mix with 2 three bedroom units and 2 two bedroom units. Strong GRM on market rents of 12.5X before considering any ADU conversion. Attractive 30 year fixed residential financing available. Perfect first time apartment investment purchase. Dense rental market with low vacancy.

Listed by Anthony Walker | BRE #01908153 | Buckingham Investments, Inc

Last checked: 11 minutes ago | Last updated: March 23rd, 2022 | Source CRMLS | DOM: 10

Home details

Lot Sq. Ft: 5,975
HOA Dues: $0/mo
Year built: 1923
Garage: 10 Car
Property Type:: Multi Family

Status: Sold
MLS#: SB21214472
City: Long Beach
County: Los Angeles
Time on Site: 951 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 4
Total # of Buildings: 2
# of Electric Meters: 4
# of Gas Meters: 4
# of Water Meters: 1

Unit Breakdown 1

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,488
Total Rent: $1,488
Pro Forma/Market Rent: $1,800

Unit Breakdown 2

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,594
Total Rent: $1,594
Pro Forma/Market Rent: $1,800

Unit Breakdown 3

# of Units: 1
# of Beds: 3
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,589
Total Rent: $1,589
Pro Forma/Market Rent: $2,200

Unit Breakdown 4

# of Units: 1
# of Beds: 3
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,594
Total Rent: $1,594
Pro Forma/Market Rent: $2,200

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $75,180
Net Operating Income: $44,094
Gross Operating Income: --

Annual Expense Breakdown

Total Operating Expense: $30,987
Electric: $466
Gas/Fuel: $466
Licenses: $229
New Taxes: $16,875
Trash: $466
Gardener: $1,200
Insurance: $1,600
Professional Management: $4,505
Water/Sewer: $466

Property Details for 1426 Cherry Ave

Interior Features

Laundry Information

No Laundry
None

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 10
# of Parking Spaces: 10

Lot Information

Lot Features: 0-1 Unit/Acre
Lot Size Source: Assessor
Common Interest: None

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 4
Parcel Number: 7261019003
Year Built Source: Public Records
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Subdivision Name: Eastside (ES)
Directions: East side of Cherry

Neighborhood Information

Community Features: Urban

View more facts & features

Local Long Beach Agent

Sale History for 1426 Cherry Ave

Last sold for $1,297,500 on December 15th, 2021

November, 2021
Nov 22, 2021

Date

Pending

CRMLS: SB21214472

$1,350,000

Price
Sep 29, 2021

Date

Active

CRMLS: SB21214472

$1,350,000

Price
February, 2017
Feb 24, 2017

Date

Sold (Public Records)

Public Records

$760,000

Price
December, 2004
Dec 8, 2004

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 1426 Cherry Ave

Assessed Value (2020): $806,877

Year	Land Value	Improved Value	Assessed Value
2020	$424,483	$382,394	$806,877

Home Value Compared to the Market

This property vs the competition

1426 Cherry Ave sold on December 15, 2021 for 68.75% higher than the current median sold price for the city of Long Beach which is $800,000. The median sold price per/sqft for Long Beach is $632 and this home is sold at $454.85 per/sqft which puts the price per square foot 28.03% lower than the current median sale per square foot for the city of Long Beach.

About 1426 Cherry Ave

Detailed summary of property

1426 Cherry Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 10 bedrooms, 4 bathrooms, roughly 2,968 living square feet, and sits on an approximately 5,975 square foot lot. 1426 Cherry Ave was first listed on ArdentRealEstateGroup.com on September 29, 2021. The homeowner sold the property for $1,297,500. Home in Long Beach are selling for a median price of $800,000 and a median price per square foot of $632. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 68.75% higher than the current median priced home. Local homes that are currently for sale include 1033 Prospect Ave, 4110 E Vermont St and 1044 Cedar Ave. While the average home in Long Beach, CA is selling in 53 days, 1426 Cherry Ave has a days on market of 10 days. There are currently 627 homes for sale in the Long Beach real estate market and 356 of them are single family homes while 258 of them are condos and 13 are townhomes. For more information on this home for sale at 1426 Cherry Ave Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1426 Cherry Ave

Public county record property details

Beds: 5
Baths: 4
Year built: 1923
Sq. Ft.: 2,968
Lot Size: 5,975
Stories: --

Type: Quadruplex (4 Units, Any Combination)
Pool: No
Spa: No
County: Los Angeles
Lot#: 3
APN: 7261-019-003

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$629,000

Median List Price/Sq.Ft.

$546

Median Sold Price

$584,000

Median Sold Price/Sq.Ft.

$592

Total Inventory

Median Sale to List Price %

108.35%

Avg Days on Market

Loan Type

Conventional (80%), FHA (10%), VA (10%), Cash (0%), Other (0%)

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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.