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1724 Cherry Ave, Long Beach, CA 90813
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1724 Cherry Ave Long Beach, CA 90813

$2,175,000
  • 12 Beds
  • 8 Baths
  • 5,540 Sq.Ft.
For Sale
$2,175,000 Get Pre-Qualified
Map preview of 1724 Cherry Ave, Long Beach, CA 90813

Property Overview: 1724 Cherry Ave Long Beach, CA has 12 bedrooms, 8 bathrooms, 5,540 living square feet and 8,502 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: Price just reduced!! Just short of a 6 Cap rate now. This totally remodeled turnkey 8 unit Spanish Style property is in a high demand rental area of Long Beach just South of PCH. Great unit mix with (4) 2 Bed 1 Bath units and (4) 1 Bed 1 Bath units, and 100% of the unit interiors have been upgraded including cabinets, counters, flooring, paint, lighting, and bathrooms. One double garage and (3) single garages with additional storage create a great opportunity for a future ADU build. There is an attractive garden courtyard area for tenants' enjoyment, creating peaceful entries and common areas. Conveniently located for tenants at just 1 mile to the beach, 1 miles to the 405, and just over 2 miles to the 110. An onsite laundry room exists with hookups, but no machines or leases are in place. (4) of the units include in unit laundry. Major electrical panel upgrades were completed in 2021. Building is retrofitted and anchor bolted for earthquakes. Priced at a competitive GRM in the high 10's (10.96) and a Cap Rate just shy of 6% (5.8%), with strong yield allowing good leverage (~65% LTV) with interest only loans available at 5.8%.

Listed by Anthony Walker | BRE #01908153 | Buckingham Investments, Inc
Co-listed by Josh Ess | BRE #02035659 | Buckingham Investments, Inc
Last checked: 4 minutes ago | Last updated: September 17th, 2024 | Source CRMLS | DOM: 36

Home details

Lot Sq. Ft
8,502
HOA Dues
$0/mo
Year built
1928
Garage
5 Car
Property Type:
Apartment
Status
Active
MLS#
SB24164233
City
Long Beach
County
Los Angeles
Time on Site
41 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 8
  • Total # of Buildings: 3
  • # of Electric Meters: 8
  • # of Gas Meters: 8
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,795
  • Total Rent: $1,795
  • Pro Forma/Market Rent: $1,795
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,820
  • Total Rent: $1,820
  • Pro Forma/Market Rent: $1,820
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,120
  • Total Rent: $2,120
  • Pro Forma/Market Rent: $2,195
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,195
  • Total Rent: $2,195
  • Pro Forma/Market Rent: $2,195
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,320
  • Total Rent: $2,320
  • Pro Forma/Market Rent: $2,320
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,795
  • Total Rent: $1,795
  • Pro Forma/Market Rent: $1,795
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,195
  • Total Rent: $2,195
  • Pro Forma/Market Rent: $2,195
Unit Breakdown 8
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,815
  • Total Rent: $1,815
  • Pro Forma/Market Rent: $1,820
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.8%
  • Gross Rent Multiplier: 10.96
  • Gross Scheduled Income: $192,660
  • Net Operating Income: $124,921
  • Gross Operating Income: --
  • # of Rented Garages: 5
  • Garage Rental Rate: $95
  • Garage Rental Income: $5,700
Annual Expense Breakdown
  • Total Operating Expense: $63,806
  • Electric: $380
  • Gas/Fuel: $947
  • Licenses: $774
  • Trash: $418
  • Gardener: $1,080
  • Insurance: $9,695
  • Professional Management: $11,023
  • Water/Sewer: $2,066

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Property Details for 1724 Cherry Ave

Interior Features
Laundry Information
  • Has Laundry
  • Common Area, In Closet, Inside
Fireplace Information
  • No Fireplace
  • None
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 5
  • # of Parking Spaces: 5
  • Has Parking
  • Parking Features: Built-In Storage, Garage
Lot Information
  • Lot Features: Lot 10000-19999 Sqft
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 8
  • Parcel Number: 7261006022
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Poly High (PH)
  • Directions: Just South of PCH, East side of Cherry
Neighborhood Information
  • Community Features: Suburban
View more facts & features

Local Long Beach Agent

Sale History for 1724 Cherry Ave

Last sold for $1,775,000 on November 25th, 2020

  • August, 2024

  • Aug 8, 2024

    Date

    Active

    CRMLS: SB24164233

    $2,225,000

    Price

  • November, 2020

  • Nov 25, 2020

    Date

    Sold (Public Records)

    Public Records

    $1,775,000

    Price

  • September, 2020

  • Sep 2, 2020

    Date

    Expired

    CRMLS: PW20095824

    $1,750,000

    Price

  • Jun 30, 2020

    Date

    Price Change

    CRMLS: PW20095824

    $1,750,000

    Price

  • Jun 23, 2020

    Date

    Price Change

    CRMLS: PW20095824

    $1,765,000

    Price

  • Jun 9, 2020

    Date

    Price Change

    CRMLS: PW20095824

    $1,795,000

    Price

  • May 19, 2020

    Date

    Active

    CRMLS: PW20095824

    $1,800,000

    Price

  • Listing provided courtesy of CRMLS

    We are pleased to present the opportunity to acquire 1724 Cherry Ave, an 8-unit multifamily investment property in Long Beach, 5.44 CAP on current rents and one of the premier housing markets in Southern California. Specifically, 1724-30 Cherry Ave is located in Macartur Park neighborhood. The 5540 square foot property consists of four one-bedroom and four two-bedroom floor plans. built in 1928. 1724 Cherry Ave offers amenities including gated access, garage parking, private yard, and an on-site laundry facility. Six out of 8 units recently have been renovated with new kitchens, bathrooms, electrical and plumbing. Property also has been retrofitted and seller has completed lots of repairs throughout. Stairway connected to the garages has been completely rebuilt. Given the strength of the overall apartment market within the city of Long Beach, 1724 Cherry Ave offers an investor the ability to capture quality tenants seeking a great beach neighborhood with convenient access to a wide variety of activities, transportation and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 1724 Cherry Ave.

  • October, 2018

  • Oct 3, 2018

    Date

    Canceled

    CRMLS: OC18199703

    $1,700,000

    Price

  • Aug 16, 2018

    Date

    Active

    CRMLS: OC18199703

    $1,700,000

    Price

  • Listing provided courtesy of CRMLS

    1724 Cherry Avenue is an 8-unit multifamily investment property located in Long Beach, one of the premier housing markets in Southern California. The property is located within walking distance of Whittier Elementary School and Long Beach City College. The property is also less than half a mile to the retail centers located along East Anaheim Street which offer residents convenient access to a variety of retailers and dining options. Situated on a 0.20-acre lot, the 5,540 square foot property consists of one- and two-bedroom floor plans averaging over 690 square feet. Built in 1928, 1724 Cherry Avenue offers amenities including controlled access, storage, on-site laundry and garage parking.

  • February, 2018

  • Feb 12, 2018

    Date

    Expired

    CRMLS: 17273830

    $1,500,000

    Price

  • Oct 20, 2017

    Date

    Withdrawn

    CRMLS: 17273830

    $1,500,000

    Price

  • Oct 2, 2017

    Date

    Price Change

    CRMLS: 17273830

    $1,500,000

    Price

  • Sep 25, 2017

    Date

    Active

    CRMLS: 17273830

    $1,600,000

    Price

  • Listing provided courtesy of CRMLS

    This Spanish Colonial Revival style apartment building located at 1724 Cherry Ave.The subject property was constructed in 1928 with 5,540 rentable Sf on an 8,501 SF lot and features eight (8) units consisting of 3 separate structures: 1 - front fourplex featuring 4 - 2+1's 1 - middle courtyard structure featuring 2 - 1+1's 1 - 5 single car garage featuring 2 - 1+1'sThe building also features individual metering for gas and electric with an on-site laundry for added income.The City of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is currently undergoing $4.4 billion in future redevelopment that will also create 14,000 new and permanent jobs in Southern California. The $495 million Long Beach Courthouse was completed in 2013. Long Beach sustains its ability to attract renters due to its strong economy and quality of life.

  • June, 2014

  • Jun 27, 2014

    Date

    Sold (Public Records)

    Public Records

    $870,000

    Price

Show More

Tax History for 1724 Cherry Ave

Assessed Value (2020): $975,173
Year Land Value Improved Value Assessed Value
2020 $448,355 $526,818 $975,173

Home Value Compared to the Market

This property vs the competition

1724 Cherry Ave is listed 178.85% higher than the median list price for the city of Long Beach which has a median list price of $780,000. The median price per/sqft for Long Beach is $646 and this home is listed at $392.6 per/sqft which puts the price per square foot 39.23% lower than the median price per square foot for the city of Long Beach.

About 1724 Cherry Ave

Detailed summary of property

1724 Cherry Ave is a apartment located in Long Beach, CA 90813 and is currently for sale. This apartment offers 12 bedrooms, 8 bathrooms, roughly 5,540 living square feet, and sits on an approximately 8,502 square foot lot. 1724 Cherry Ave was first listed on ArdentRealEstateGroup.com on August 9, 2024. The homeowner is currently asking $2,175,000 and was originally asking $2,225,000. The median priced home in Long Beach is $780,000 with a median price per square foot of $646. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 178.85% higher than the median priced home. Local competing homes currently for sale include 1004 E 5th St, 1517 E 1st St and 4016 E Wilton. While the average home in Long Beach, CA is selling in 62 days, 1724 Cherry Ave has a days on market of 36 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 1724 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 1724 Cherry Ave

Public county record property details
Beds
8
Baths
8
Year built
1928
Sq. Ft.
5,540
Lot Size
8,501
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
21
APN
7261-006-022

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
$560,000
Median List Price/Sq.Ft.
$553
Median Sold Price
$495,000
Median Sold Price/Sq.Ft.
$587
Total Inventory
35
Median Sale to List Price %
99.02%
Avg Days on Market
24
Loan Type
Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

Tour This Home

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Long Beach Agent
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(714) 706-1823

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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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