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1036 Cherry Ave
Long Beach, CA 90813 Eastside Long Beach

$2,595,000 USD

Apartments For Sale • 3,474 SF

Property Details

Property Type Apartments
Total Building Size 4,722 SF
Lot Size 0.13 AC
Building Class C
Year Built 1953
Cap Rate 6.11 %
Zoning LBR2N

50 Transit Score

87 Walk Score

                
                    Highlights
                
                                8 renovated non-rent controlled units with a current cap rate of 6.1%, ensuring immediate cash flow.
                            
                                Mix of one 3-bedroom, one-bath unit and seven 1-bedroom, one-bath units, including two new attached ADUs.
                            
                                Upgraded units feature modern cabinets, flooring, kitchens, bathrooms, and exterior enhancements.
                            
                                Individually metered utilities with tenants responsible for gas, electricity, and trash, reducing operating expenses.
                            
                                Prime North Long Beach location near beaches and major freeways, offering strong rental demand and no local rent control allowing 8% annual increases.

Property Flyers

Offering Memorandum

CherryOM

Cap Rate:

6.11 %

Major Tenants

Tenant	SF Occupied	Lease End Date
Weststar - 1036 Cherry Ave

Public Transportation

Airport	Drive	Walk	Distance
Long Beach (Daugherty Field)	8 min	-	3.3 mi
John Wayne/Orange County	28 min	-	20.2 mi
Los Angeles International	32 min	-	22.3 mi

Parking Details

Parking Available:	Yes
Reserved:	No
Spaces Provided:	1
Type:	Surface
Included in Rent:	Yes

Armin Soleimani 310-666-2246 Global Platinum Properties

1036 Cherry Ave Long Beach, CA 90813 Eastside Long Beach