$1,297,500
$1,350,000
3.9%For more information regarding the value of a property, please contact us for a free consultation.
1426 Cherry AVE Long Beach, CA 90813
2,968 SqFt
Key Details
Sold Price $1,297,500
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 2,968 sqft
Price per Sqft $437
Subdivision Eastside (Es)
MLS Listing ID SB21214472
Sold Date 12/15/21
HOA Y/N No
Year Built 1923
Lot Size 6,098 Sqft
Acres 0.14
Property Description
Well located 4 unit property just outside of Downtown Long Beach. Major value add potential with a 37% upside on actual income. Huge ADU development potential with 10 single garages in a separate structure on the lot. Excellent unit mix with 2 three bedroom units and 2 two bedroom units.
Strong GRM on market rents of 12.5X before considering any ADU conversion. Attractive 30 year fixed residential financing available. Perfect first time apartment investment purchase. Dense rental market with low vacancy.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBCNR
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Fireplace No
Laundry None
Exterior
Garage Spaces 10.0
Garage Description 10.0
Pool None
Community Features Urban
Total Parking Spaces 10
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7261019003
Energy Description 466.0
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Financing Cash to Loan
Special Listing Condition Standard
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Bought with General NONMEMBER • NONMEMBER MRML
The Wilkas Group - Lenore & Alexander Wilkas
Real Estate Advisors | License ID: 01343201 & 01355442