905 Cherry Ave - Apartments FOR SALE


Long Beach, CA 90813- Downtown Long Beach
$4,700,000 USD
714-713-9086
905 Cherry Ave, Long Beach, CA for Sale
$4,700,000 USD
Apartments - FOR SALE
1/20
null | 6.14% Cap Rate

905 Cherry Ave
Long Beach, CA 90813
Downtown Long Beach


HIGHLIGHTS

  • Rare opportunity to acquire 2 contiguous parcels, featuring 26 total multifamily units with garage parking in a desirable Long Beach location.
  • The garage areas at 905 & 915 Cherry Avenue are set up ideally for conversion to accessory dwelling units (ADUs) potentially allowing for 8 new units.
  • Retrow Row is located less than half-a-mile south of 905 & 915 Cherry Avenue
  • Residents of the Portfolio benefit from proximity to the region’s robust employment hubs and entertainment centers.

OVERVIEW

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 905 & 915 Cherry Avenue, 2-property, a 26-unit multifamily portfolio located in Long Beach, California. Built in 1922, 905 & 915 Cherry Avenue offers investors an opportunity to acquire a sizable footprint in one of Los Angeles County’s most desirable rental markets. 905 & 915 Cherry Avenue features an attractive mix of one and two-bedroom floor plans with desirable property amenities including surface and garage parking, and on-site laundry facilities. The portfolio 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 portfolio 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, 905 & 915 Cherry Avenue’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, 905 & 915 Cherry Avenue 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

$4,700,000 USD

PRICE/SF

$307 USD /SF

# OF UNITS

26

PRICE/UNIT

$180,769

CAP RATE

6.14%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

905-915 Cherry Ave

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1922

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.45 AC

LAND SF

19,546 SF

ZONING

LBR2N

APN/PARCEL ID

7267-015-017,7267-015-018

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.