Active MLS # 24362089 | Listed by Royce Jefferson with Wiggs & Associates
1825 Cherry Avenue is a $1,400,000, 3,986 square foot, 7 bedroom, 5.0 bath home on a 0.13 acre lot located in Long Beach, CA.
***Opportunity Zone***Explore the exceptional investment opportunity at 1825 Cherry Ave, Long Beach, CA. This property comprises seven fully occupied apartments in the sought-after prime area of Long Beach, offered at an attractive price of $200k per unit. Monthly gross rent = $8,930 + $953 average utilities paid by the tenants total income $9,883 per month. 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% (CPI + 5%), 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) 1 Bedrooms and (2) Studios apartments. 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.
| #Garage Spaces | 1.0 |
| #Open Parking Spaces | 6.0 |
| Basement | Raised Slab |
| Appliances | Gas Oven Gas Range Refrigerator |
| Interior Features | Tile Wood None |
| Fireplace Types | None |
| Cooling Types | None |
| Heating Types | Natural Gas Heating - Yes |
| # Parking Spaces | 8 |
| Parking Types | Driveway parking102 |
| Exterior Features | Gated East Front Porch Porch Rear Porch None Close Of Escrow Gated Community Window Bars None Standard Garage Patio and Portch - Rooftop Utilities - Overhead Utilities |
| Views | None |
| Construction Types | Stucco |
| Sewer | Sewer Tap Paid |
| Attribution Contact | 213-924-0259 |
| Financial Terms | Cash Electricity Gas Trash Collection Water |
| Property Type | Residential Income |
| Style | Multi Split Two Full Service Updated Remodeled Architectureal Style - Spanish Property Condition - Repairs Cosmetic |
| Year Built | 1903 |
| HOA Fee | $0.00 |
| Taxes | $0.00 |
| County | los angeles |
| School District | long beach unified |
| Neighborhood |
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