1081 Cherry Avenue presents investors with a rare opportunity to acquire a fully occupied, cash-flowing six-unit asset in Long Beach at a compelling 6.42% current cap rate with immediate upside on the table. Offered at $1,100,000, $183,333 per unit and $397 per square foot, this 1923 built property delivers strong… Read More in place income of $110,208 annually against a lean 33% expense ratio, producing a current NOI of $70,569 with a clear path to $92,263 at pro forma rents. The property consists of one two-bedroom one-bath unit and five studios across 2,773 square feet of building on a 6,187 square foot lot. All six units are occupied with tenants paying gas and electric, and the building features an on-site laundry facility and garage parking for the two-bedroom unit. Studios are currently averaging $1,272 per month against a market rent of $1,600, representing an 18% rental upside that a new owner can capture through natural turnover with no heavy lifting required. At pro forma rents the GRM compresses to 8.45 and the cap rate expands to 8.39%, both favorable against comparable sales in the submarket which are averaging a 6.09% cap rate and 11.06 GRM. For the value-add investor seeking strong in-place cash flow with meaningful upside ahead, 1081 Cherry Avenue delivers day-one income, a below-market rent profile with room to grow, and the kind of returns that get stronger over time as rents are pushed to market through natural turnover. Read Less
Courtesy of Lyon Stahl Investment Real Estate, Inc. 310-425-9838
Listing Snapshot
Days Online
51
Last Updated
Property Type
Other
Beds
2
Square Ft.
2,773
Lot Size
0.14 Acres
Year Built
1923
MLS Number
26676253
30 Days Snapshot Of 90813
$1.13M
0%
(avg) sold price
32
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
None
Building
2,773 sq ft, Built in 1923, Levels: Multi/Split, Detached/No Common Walls
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