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6501 Cherry Ave, Long Beach, CA 90805
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6501 Cherry Ave Long Beach, CA 90805

$3,400,000 Sold Price as of 10/13/2023
  • 22 Beds
  • 16 Baths
  • 11,391 Sq.Ft.
Sold
$3,400,000 Sold Price as of 10/13/2023 Refinance Your Mortgage
Map preview of 6501 Cherry Ave, Long Beach, CA 90805

Property Overview: 6501 Cherry Ave Long Beach, CA has 22 bedrooms, 16 bathrooms, 11,391 living square feet and 10,971 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Offering a strong current capitalization rate of 5.18% at the asking price this property lines up well with todays interest rates. Featuring 10 one bedroom and 6 two bedroom apartment units, this 16 unit building in Long Beach is situated in the middle of a dynamic area. Recent favorable zoning changes, in the 90805 zip code, the city of Long Beach has set the stage for substantial developements over the next 5 to 10 years. Paving the way for strong local job growth. In addition, the property is within the shere of influence of the Ports of Long Beach and Los Angeles. The building is clean and offers rental upside.

Listed by Mike Marcu | BRE #00919594 | Mike Marcu, Broker
Last checked: 3 minutes ago | Last updated: October 14th, 2023 | Source CRMLS | DOM: 257

Home details

Lot Sq. Ft
10,971
HOA Dues
$0/mo
Year built
1961
Garage
5 Car
Property Type:
Apartment
Status
Sold
MLS#
OC22239480
City
Long Beach
County
Los Angeles
Time on Site
603 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 16
  • Total # of Buildings: 1
  • # of Electric Meters: 17
  • # of Gas Meters: 17
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 10
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $15,809
  • Total Rent: $15,809
  • Pro Forma/Market Rent: $16,950
Unit Breakdown 2
  • # of Units: 6
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $11,066
  • Total Rent: $11,066
  • Pro Forma/Market Rent: $12,900
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.18%
  • Gross Rent Multiplier: 12.21
  • Gross Scheduled Income: $325,510
  • Net Operating Income: $205,836
  • Gross Operating Income: $315,745
  • Vacancy Allowance: $9,765
  • # of Rented Garages: 2
  • Garage Rental Income: $150
  • Laundry Income: $310
  • Laundry Own/Lease: Lease
  • Other Income Description: misc
Annual Expense Breakdown
  • Total Operating Expense: $109,909
  • Electric: $2,337
  • Gas/Fuel: $6,185
  • New Taxes: $50,209
  • Trash: $5,992
  • Gardener: $4,751
  • Insurance: $5,200
  • Maintenance: $5,200
  • Professional Management: $20,100
  • Water/Sewer: $5,800
  • Other Expenses: $5,300
  • Other Expense Description: Maint.

Property Details for 6501 Cherry Ave

Interior Features
Laundry Information
  • Has Laundry
  • Common Area
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 5
  • # of Parking Spaces: 10
  • Has Parking
  • Parking Features: Assigned
Lot Information
  • Lot Features: 16-20 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 1 Common Wall
  • Total # of Units: 16
  • Parcel Number: 7114006051
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Sewer Paid
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: North Long Beach (NLB)
  • Directions: 91 Freeway to Cherry, south to Subject Property
Neighborhood Information
  • Community Features: Urban
View more facts & features

Local Long Beach Agent

Sale History for 6501 Cherry Ave

Last sold for $3,400,000 on October 13th, 2023

  • October, 2023

  • Oct 13, 2023

    Date

    Sold

    CRMLS: OC22239480

    $3,400,000

    Price

  • Nov 10, 2022

    Date

    Active

    CRMLS: OC22239480

    $4,635,000

    Price

  • December, 2018

  • Dec 13, 2018

    Date

    Expired

    CRMLS: PW18139537

    $3,745,000

    Price

  • Oct 16, 2018

    Date

    Price Change

    CRMLS: PW18139537

    $3,745,000

    Price

  • Aug 7, 2018

    Date

    Price Change

    CRMLS: PW18139537

    $3,795,000

    Price

  • Jun 12, 2018

    Date

    Active

    CRMLS: PW18139537

    $3,860,000

    Price

  • Listing provided courtesy of CRMLS

    6501 Cherry Avenue is located in Long Beach, which is the 36th most populous city in the United States and 7th most populous in California. It is located within the Greater Los Angeles area of Southern California. The city is home to the Port of Long beach, one of the busiest ports in the world. Long Beach benefits from convenient access to the 405, 22, 605 & 710 Freeways, giving residents an easy commute to both Orange and Los Angeles Counties. Long beach beach is home to California State University, Long Beach, Long Beach City College along with major employers Long Beach memorial medical Center, Boeing Aerospace, Molina Heathcare and SCAN Health-Plan. This investment opportunity consists of (10) one bedroom/one bathroom and (6) two bedroom/one bathroom units. This property also features on-site laundry and garages. With upside potential in rents, this is a smart investment to any investor. *Bellflower-Adjacent Location, *Great Mix of 1 & 2-Bedroom Units, *Recently Renovated Exterior & Interiors, *Garages & Covered Parking, * Copper Plumbing, *Considerable Upside in Rents, *Not Subject to Rent Control

  • March, 2015

  • Mar 2, 2015

    Date

    Sold (Public Records)

    Public Records

    $2,200,000

    Price

Show More

Tax History for 6501 Cherry Ave

Assessed Value (2020): $2,420,664
Year Land Value Improved Value Assessed Value
2020 $439,575 $1,981,089 $2,420,664

Home Value Compared to the Market

This property vs the competition

6501 Cherry Ave sold on October 13, 2023 for 374.34% higher than the current median sold price for the city of Long Beach which is $838,000. The median sold price per/sqft for Long Beach is $664 and this home is sold at $348.96 per/sqft which puts the price per square foot 47.45% lower than the current median sale per square foot for the city of Long Beach.

About 6501 Cherry Ave

Detailed summary of property

6501 Cherry Ave is a apartment that recently sold in Long Beach, CA 90805. This apartment offered 22 bedrooms, 16 bathrooms, roughly 11,391 living square feet, and sits on an approximately 10,971 square foot lot. 6501 Cherry Ave was first listed on ArdentRealEstateGroup.com on November 10, 2022. The homeowner sold the property for $3,400,000. Home in Long Beach are selling for a median price of $838,000 and a median price per square foot of $664. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 374.34% higher than the current median priced home. Local homes that are currently for sale include 208 Granada Ave, 1006 S Record Ave and 1515 W 103rd St. While the average home in Long Beach, CA is selling in 54 days, 6501 Cherry Ave has a days on market of 257 days. There are currently 699 homes for sale in the Long Beach real estate market and 387 of them are single family homes while 291 of them are condos and 21 are townhomes. For more information on this home for sale at 6501 Cherry Ave Long Beach, CA 90805 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 6501 Cherry Ave

Public county record property details
Beds
--
Baths
16
Year built
1961
Sq. Ft.
11,391
Lot Size
10,971
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
54-56
APN
7114-006-051

The source for these homes facts are from public records.

90805 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$677,500
Median List Price/Sq.Ft.
$540
Median Sold Price
$725,000
Median Sold Price/Sq.Ft.
$566
Total Inventory
75
Median Sale to List Price %
100%
Avg Days on Market
16
Loan Type
Conventional (57.14%), FHA (23.81%), VA (0%), Cash (9.52%), Other (9.52%)

Thinking of Selling?

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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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