315 Cherry Avenue, Long Beach, CA 90802
  • MLS#: SB24022524 ( Commercial/Residential )
  • Street Address: 315 Cherry Avenue
  • Viewed: 1
  • Price: $3,195,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1923
  • Bldg sqft: 0
  • Days On Market: 289
  • Additional Information
  • County: LOS ANGELES
  • City: Long Beach
  • Zipcode: 90802
  • Subdivision: Alamitos Beach (ab)
  • Provided by: Buckingham Investments, Inc
  • Contact: Matthew Matthew
  • California Regional MLS IDX
  • DMCA Notice
  • Description
    Charming, turnkey, and in a prime location this is the generational asset you have been looking for! This clean and well maintained 8 unit property consists of six 1bed/1bath units (over 900 sqft each) and two studio units with four garages. All the units are large, allow for a ton of natural light inside, have great layouts with cool original features (like French Doors, custom built ins, fire places, etc.). Plus, the vintage character of this classic Spanish style property has been meticulously preserved, while modern amenities have been added over time like laundry units, AC/Heating units, modern kitchens, lighting, ceiling fans, etc. in each unit. The entire property is secured, has drought resistant landscaping, and has separate electrical and gas meters for each unit. Located within Alamitos Beach, this highly sought after neighborhood of Costal Long Beach is in close proximity to the best the city has to offer local parks (Carroll & Bixby Park), local beaches (Alamitos & Junipero Beach), local restaurants (4th Street Corridor & Retro Row), local golf courses, public transportation, etc. Plus, this neighborhood is securely anchored by the thriving local economy that continues to grow within Downtown Long Beach. For the savvy investor, the potential may exist to convert the garages into two studio units and/or to add additional bedrooms/ bathrooms to the existing large 1bed units. Also, one might consider a short term and/or mid term rental strategy to boost the income even more. This perfect combination is what every tenant is looking for in this area, which keeps vacancy rates low and market rental rates as high as possible making this a great addition to any investors portfolio!
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Features
Appliances
  1. None
Architectural Style
  1. Spanish
Assessments
  1. Unknown
Association Fee
  1. 0.00
Building Area Total
  1. 6392.00
Commoninterest
  1. None
Common Walls
  1. 2+ Common Walls
Construction Materials
  1. Unknown
Cooling
  1. None
Country
  1. US
Days On Market
  1. 266
Electric
  1. Electricity - On Property
  2. Standard
Electric Expense
  1. 100.00
Entry Location
  1. Eastside
Fencing
  1. Good Condition
  2. Security
Fireplace Features
  1. None
Flooring
  1. Laminate
  2. Vinyl
  3. Wood
Foundation Details
  1. Raised
Garage Spaces
  1. 4.00
Heating
  1. Ductless
Insurance Expense
  1. 100.00
Interior Features
  1. 2 Staircases
  2. Built-in Features
  3. Ceiling Fan(s)
  4. Open Floorplan
  5. Quartz Counters
  6. Recessed Lighting
Laundry Features
  1. Gas & Electric Dryer Hookup
  2. In Closet
  3. Individual Room
  4. Inside
Levels
  1. Two
Lockboxtype
  1. None
Lot Features
  1. 0-1 Unit/Acre
  2. Back Yard
  3. Front Yard
  4. Landscaped
  5. Level with Street
  6. Near Public Transit
  7. Park Nearby
  8. Paved
Netoperatingincome
  1. 152716.00
Other Structures
  1. Second Garage Attached
Parcel Number
  1. 7275018033
Parking Features
  1. Garage
  2. Public
Pool Features
  1. None
Postalcodeplus4
  1. 3859
Professionalmanagementexpense
  1. 100.00
Property Type
  1. Commercial/Residential
Property Condition
  1. Turnkey
Road Frontage Type
  1. Alley
  2. City Street
Road Surface Type
  1. Alley Paved
  2. Paved
Roof
  1. Flat
Security Features
  1. Gated Community
  2. Smoke Detector(s)
Sewer
  1. Public Sewer
Sourcesystemid
  1. CRM
Sourcesystemkey
  1. 408587311:CRM
Spa Features
  1. None
Subdivision Name Other
  1. Alamitos Beach (AB)
Tenant Pays
  1. Electricity
  2. Gas
Totalactualrent
  1. 218166.00
Totalexpenses
  1. 65449.00
Trash Expense
  1. 100.00
Utilities
  1. Electricity Connected
  2. Natural Gas Connected
  3. Sewer Connected
  4. Water Connected
View
  1. None
Waterfront Features
  1. Ocean Side Of Highway 1
Water Sewer Expense
  1. 100.00
Water Source
  1. Public
Year Built
  1. 1923
Year Built Source
  1. Public Records
Zoning
  1. LBR1N