Six-Unit Apartment
For Sale
$1,050,000
1081 Cherry Ave, Long Beach, CA 90813
The occupied property includes an on-site laundry facility and garage parking for its two-bedroom residence.
Property Size2,773 SF
Price / SF$378.65
Days on Market12
Property Features for 1081 Cherry Ave
General Information
Standard status
Active
Size
2,773 SF
Property subtype
Income
Site & Location
Neighborhood
Aoc7
Building Details
Year Built
1923
Listing Agency:
(424) 356-5222
Listed By:
Nataly Quintero
Source:
Forwardinglewood
Added: Oct 19
Changed: Oct 28
Last Checked: Oct 28 at 3:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Nataly Quintero
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Investment Insights
Based on property information with market context.
Built in 1923, this six-unit apartment property contains 2,773 square feet on a 6,187-square-foot lot. The unit mix consists of five studios and one two-bedroom, one-bath apartment. All six units are occupied. Residents pay gas and electric, and the building has an on-site laundry facility; garage parking is provided for the two-bedroom unit.
Studio rents average $1,272 per month, compared with stated market rents of $1,600. The property reports annual income of $110,208, a 33% expense ratio, and a current NOI of $70,569. Pro forma figures indicate NOI of $92,263, a GRM of 8.45, and a cap rate of 8.39%.
Studio rents average $1,272 per month, compared with stated market rents of $1,600. The property reports annual income of $110,208, a 33% expense ratio, and a current NOI of $70,569. Pro forma figures indicate NOI of $92,263, a GRM of 8.45, and a cap rate of 8.39%.
Key Highlights
- Six units: five studios and one two‑bedroom, one‑bath apartment
- 2,773 square feet of building area on a 6,187‑square‑foot lot
- All six apartments are occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,736
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,174,720
$1.2M
Cap Rate 7%
$839,086
$839.1K
Cap Rate 9%
$652,622
$652.6K
Market Conditions
NOI Build-Up for 2,773 SF
Gross rent
$111.5K $40.20/SF
− Vacancy
−$4.7K −$1.69/SF
EGI
$106.8K $38.51/SF
− OpEx
−$48.1K −$17.33/SF
NOI
$58.7K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,174,720
Cap Rate 7%
$839,086
Cap Rate 9%
$652,622
Alternative Uses
Best Use
Apartment 5plus
$839.1K
$734.2K – $978.9K
NOI $58,736 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$910.5K
$796.7K – $1.06M
NOI $63,737 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,579
Businesses Nearby
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Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The occupied property includes an on-site laundry facility and garage parking for its two-bedroom residence.
Where is this apartment building located?
The property is located at 1081 Cherry Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Six units: five studios and one two‑bedroom, one‑bath apartment; 2,773 square feet of building area on a 6,187‑square‑foot lot; All six apartments are occupied
