480 Cherry Avenue Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90802
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 3,642 sqft
Price per Sqft $343
Subdivision Alamitos Heights
MLS Listing ID SB-25063034
Year Built 1930
Lot Size 6,276 Sqft
Property Sub-Type Triplex
Property Description
We are pleased to exclusively offer for sale this 3 Unit multi-family investment located in the vibrant 90802 submarket of Long Beach. This large 3,642 SF triplex is steps away from 4th Street and strategically positioned near Retro Row. This is the first time the property has been on the market in 20 years and the unit interiors have been meticulously maintained representing a true pride of ownership asset. In addition to the building's excellent location, one of the features is (2) generously sized 2 bedroom/1 bath units and (1) large 1 bedroom/1 bath unit. Further, the 1 bedroom back unit contains a spacious patio and gazebo - idyllic for all residents. Additionally, the upper 2 Bedroom unit will be delivered VACANT at the close of escrow. Along these lines, the property presents itself as an excellent owner user opportunity for buyer(s) looking to live in the vacant unit while utilizing the income from the other (2) to offset their annual debt service. Each unit is separately metered for gas and electricity, lowering overhead costs for the owner. As it stands, the offering presents strong day 1 income with a current CAP Rate of 4.45% and future upside given the areas excellent rental demand. In addition, the tenants have access to a garage and elongated driveway which equates to at least (6) total parking spaces on site, which is especially significant in this parking impacted submarket. On top of this, the large back yard is ideally suited to build ADUs for investors looking to increase their annual cash flow. Lastly, the building is eligible for the Mills Act, which provides property tax incentives. All in all, the building's proximity to Retro Row and the vast dining, shopping, and entertainment options therein provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate.
Location
State CA
County Los Angeles
Area 2 - Belmont Heights, Alamitos Heights
Zoning LBR1N
Interior
Fireplaces Type Living Room
Laundry Common Area
Exterior
Parking Features Driveway Level,Garage,Paved,Concrete,Direct Garage Access,Driveway
Garage Spaces 1.0
Pool None
Community Features Biking,Curbs,Dog Park,Golf,Gutters,Park,Sidewalks,Street Lights,Urban
Utilities Available Sewer Connected,Water Connected,Electricity Connected,Natural Gas Connected
Building
Lot Description Front Yard,Garden,Landscaped,Lawn,Near Public Transit,Park Nearby,Rectangular Lot,Yard,Back Yard
Sewer Sewer Paid