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1825 Cherry Ave, Long Beach, CA 90806
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1825 Cherry Ave Long Beach, CA 90806

$1,550,000
  • 8 Beds
  • 6 Baths
  • 3,986 Sq.Ft.
For Sale
$1,550,000 Get Pre-Qualified
Map preview of 1825 Cherry Ave, Long Beach, CA 90806

Property Overview: 1825 Cherry Ave Long Beach, CA has 8 bedrooms, 6 bathrooms, 3,986 living square feet and 5,838 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: ***Opportunity Zone***Explore the exceptional investment opportunity at 1825 Cherry Ave, Long Beach, CA. This property comprises seven fully occupied buildings in the sought-after prime area of Long Beach, offered at an attractive price of $221k per unit. Currently, the property yields an impressive 5.35% Cap Rate and boasts a 15 Gross Rent Multiplier (GRM), with potential for substantial growth to a projected 9.96% Cap Rate and 9.96 GRM.Situated on a generous lot of approximately 5,837 SF, the property provides ample parking spaces for convenience. Notably, this asset is not subject to LA City rent control, allowing for significant annual rent increases of 8.8% (5% + CPI), offering substantial future upside potential.Conveniently located in prime Long Beach, just moments away from Signal Hill and a short drive to downtown Long Beach, this property presents a prime investment opportunity in a thriving and desirable location. 2 Structures - Front House has been divided into 3 Units. Rear structure consists of 2 Studios and 2-1 BR Units. Upside in Rents. All Utilities are split and paid for by Tenants. Close proximity to busy PCH/Cherry intersection. Among recent upgrades is a Fire Sprinkler system.

Listed by Royce Jefferson | BRE #02102509 | Wiggs & Associates
Last checked: 15 minutes ago | Last updated: March 5th, 2024 | Source CRMLS | DOM: 55
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Home details

Lot Sq. Ft
5,838
HOA Dues
$0/mo
Year built
1903
Garage
1 Car
Property Type:
Multi Family
Status
Active
MLS#
24362089
City
Long Beach
County
Los Angeles
Time on Site
67 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 7
  • Total # of Buildings: 2
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,030
  • Total Rent: $2,180
  • Pro Forma/Market Rent: $3,554
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,340
  • Total Rent: $3,287
  • Pro Forma/Market Rent: $6,018
Unit Breakdown 3
  • # of Units: 3
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,975
  • Total Rent: $3,403
  • Pro Forma/Market Rent: $5,108
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.35%
  • Gross Rent Multiplier: 15
  • Gross Scheduled Income: --
  • Net Operating Income: $82,925
  • Gross Operating Income: $111,011
  • Other Income 1: $1,242
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 1825 Cherry Ave

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Property Details for 1825 Cherry Ave

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • Has Heating
  • Natural Gas
Laundry Information
  • Has Laundry
  • None
Fireplace Information
  • No Fireplace
  • None
Room Information
  • Flooring: Wood, Tile
Kitchen Information
  • Has Appliances
  • Refrigerator, Gas Oven, Gas Range
Interior Features
  • Levels: Multi/Split, Two
  • Security Features: Window Bars, Gated Community
Exterior Features
Exterior Information
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 1
  • # of Parking Spaces: 7
  • Has Parking
  • Parking Features: Driveway
Lot Information
  • Lot Features: Utilities - Overhead
Property Information
  • No View
  • View: None
  • Total # of Units: 7
  • Parcel Number: 7216032024
  • Architectural Style: Spanish
  • Foundation Details: Slab, Raised
  • Property Condition: Updated/Remodeled, Repairs Cosmetic
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Sewer Paid
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: 405FWY, Cherry Ave South
View more facts & features

Local Long Beach Agent

Sale History for 1825 Cherry Ave

Last sold for $689,000 on December 30th, 2020

  • February, 2024

  • Feb 26, 2024

    Date

    Active

    CRMLS: 24362089

    $1,550,000

    Price

  • December, 2020

  • Dec 30, 2020

    Date

    Sold

    CRMLS: PW20163575

    $1,250,000

    Price

  • Dec 18, 2020

    Date

    Pending

    CRMLS: PW20163575

    $1,299,000

    Price

  • Aug 13, 2020

    Date

    Active

    CRMLS: PW20163575

    $1,299,000

    Price

  • Listing provided courtesy of CRMLS

    Attractive location in progressive fast growing Long Beach. 5 Legal Units (but being used as 7 Units) 2 Structures - Front House has been divided into 3 Units. Rear structure consists of 2 Studios and 2-1 BR Units. Upside in Rents (Long time tenants are all paying during Covid-19) All Utilities are split and paid for by Tenants. Close proximity to busy PCH/Cherry intersection. Among recent upgrades is a Fire Sprinkler system. Attractive financing options with Assumable 1st owner willing to carry a significant amount.

  • December, 2020

  • Dec 30, 2020

    Date

    Sold (Public Records)

    Public Records

    $689,000

    Price

  • March, 2011

  • Mar 9, 2011

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 1825 Cherry Ave

Assessed Value (2020): $268,064
Year Land Value Improved Value Assessed Value
2020 $112,660 $155,404 $268,064

Home Value Compared to the Market

This property vs the competition

1825 Cherry Ave is listed 93.77% higher than the median list price for the city of Long Beach which has a median list price of $799,900. The median price per/sqft for Long Beach is $644 and this home is listed at $388.86 per/sqft which puts the price per square foot 39.62% lower than the median price per square foot for the city of Long Beach.

About 1825 Cherry Ave

Detailed summary of property

1825 Cherry Ave is a multi family located in Long Beach, CA 90806 and is currently for sale. This multi family property offers 8 bedrooms, 6 bathrooms, roughly 3,986 living square feet, and sits on an approximately 5,838 square foot lot. 1825 Cherry Ave was first listed on ArdentRealEstateGroup.com on February 26, 2024. The homeowner is currently asking $1,550,000. The median priced home in Long Beach is $799,900 with a median price per square foot of $644. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 93.77% higher than the median priced home. Local competing homes currently for sale include 1000 E 10th St, 1967 Atlantic Ave and 436 Gaviota Ave. While the average home in Long Beach, CA is selling in 54 days, 1825 Cherry Ave has a days on market of 55 days. There are currently 610 homes for sale in the Long Beach real estate market and 349 of them are single family homes while 248 of them are condos and 13 are townhomes. For more information on this home for sale at 1825 Cherry Ave Long Beach, CA 90806 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1825 Cherry Ave

Public county record property details
Beds
7
Baths
5
Year built
1903
Sq. Ft.
3,986
Lot Size
5,838
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
21
APN
7216-032-024

The source for these homes facts are from public records.

90806 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$829,000
Median List Price/Sq.Ft.
$662
Median Sold Price
$600,000
Median Sold Price/Sq.Ft.
$641
Total Inventory
15
Median Sale to List Price %
101.69%
Avg Days on Market
16
Loan Type
Conventional (55.56%), FHA (11.11%), VA (0%), Cash (0%), Other (33.33%)

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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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