833-915 Cherry Ave - Apartments FOR SALE


Long Beach, CA 90813- Downtown Long Beach
$7,000,000 USD
714-713-9086
833-915 Cherry Ave, Long Beach, CA for Sale
$7,000,000 USD
Apartments - FOR SALE
1/32
null | 6.11% Cap Rate

833-915 Cherry Ave
Long Beach, CA 90813
Downtown Long Beach


HIGHLIGHTS

  • Rare opportunity to acquire 4 contiguous parcels, featuring 36 total multifamily units in a desirable Long Beach location.
  • The garage areas at 905 and 915 Cherry are set up ideally for conversion to accessory dwelling units (ADUs) potentially allowing for 8 new units.
  • Adjacent to Northgate Market anchored shopping center, providing tenants with easy access to everyday needs.
  • Less than half-a-mile south of Retro Row, a unique showcase of vintage and kitschy shops, as well as bars and restaurants.

OVERVIEW

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire the Cherry Ave Collection, (the “Collection”, the “Portfolio” or the “Property”), a 36-unit, 4-property multifamily portfolio located in Long Beach, California. Built between 1922 and 1923, the Collection offers investors an opportunity to acquire a sizable footprint in one of Los Angeles County’s most desirable rental markets. The Collection features an attractive mix of studio, one, and two-bedroom floor plans with desirable property amenities including surface and garage parking, on-site laundry (select units feature laundry hookups), and spacious common courtyards. The Collection is within walking distance of a variety of lifestyle amenities including Rose Park, the shops and restaurants of Retro Row, and Alamitos Beach. Additionally, the Collection is just a short commute to employers in Downtown Long Beach and adjacent employment hubs such as the South Bay and Orange County via the 710 and 405 freeways. In summary, the Cherry Ave Collection’s fantastic location offers residents access to a variety of employment, transportation, and retail amenities, all of which will attract a diverse renter pool. With rental upside and strong rental metrics, the Collection represents an attractive opportunity for a new owner seeking well located units. *Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*

FOR SALE DETAILS

PRICE

$7,000,000 USD

PRICE/SF

$323 USD /SF

# OF UNITS

36

PRICE/UNIT

$194,444

CAP RATE

6.11%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Cherry Avenue Collection

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1922

PARKING SPACES

32

LAND DETAILS

LAND ACRES

0.75 AC

LAND SF

32,500 SF

ZONING

LBR2N

APN/PARCEL ID

7267-015-017,7267-015-018,7267-015-019,7267-015-020

ASK ABOUT THIS PROPERTY

Tyler LeesonMarcus & MillichapMore Info
714-713-9086

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Tyler LeesonMarcus & MillichapMore Info
714-713-9086

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.