$2,550,000
$2,550,000
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3,959 Sqft Lot
SOLD DATE : 10/18/2021
Key Details
Sold Price $2,550,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SB21172174
Sold Date 10/18/21
HOA Y/N No
Year Built 1923
Lot Size 3,959 Sqft
Property Description
4.93% in place Cap Rate on this pride of ownership 16-unit
Apartment Building near the highly desirable Rose Park and
Alamitos Beach. The building features newer systems with the
entire electrical completely replaced and the plumbing updated to
copper. The current owner also did a substantial amount of
foundation work and had the foundation certified within the past 2
years. Many of the units have had full renovations but most with
many upgrades.
1101 Cherry Ave features a unit mix of (16) Studio Units, offered at
only $159k/door! These clean units feature tile floors and
countertops, ceiling fans, new paint and plenty of storage space.
The subject property also features washers and dryers on site for
all tenants.
The upside in the Long Beach market is limitless, with $6 Billion in
new capital pouring into projects such as the Long Beach Civic
Center, Long Beach Aquarium, OceanAire Project, CSULB Downtown
Village, Broadway Block, The Pacific and Queen Mary Island.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Zoning LBR2N
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Biking, Curbs, Golf, Gutter(s), Sidewalks
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7261031026
Acceptable Financing Conventional
Listing Terms Conventional
Financing Conventional
Special Listing Condition Standard
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Bought with Shawn Mohler • The Mohler Real Estate Group