Two-Story Apartment
For Sale
$3,000,000
5503 Cherry Ave, Long Beach, CA 90805
Garden-style multifamily property with a central courtyard, gated access, on-site laundry, and predominantly one-bedroom units.
Property Size9,250 SF
Lot Size0.28 Acres
Days on Market63
Property Features for 5503 Cherry Ave
General Information
Standard status
Active
Size
9,250 SF
Net Rentable
9,250 SF
Total Parking Spaces
13
Lot size
0.28 Acres
Property subtype
Multifamily
Units
Unit Mix
1 x studio, 15 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
17
Additional Details
Cap Rate
5.17%
Amenities
gated access
security doors
on-site laundry
ceiling fans
central courtyard
Location & Scale: 17-unit multifamily investment property in Long Beach, CA.
Strong Unit Mix: Predominantly one-bedroom units (15 1BD/1BA, 1 2BD/1BA, 1 Studio).
Property Size: 9,250 net rentable square feet situated on a 0.28-acre parcel.
Recent Cap Ex: $85,000 in major capital improvements completed in 2025.
Infrastructure Upgrade: Includes a $52,000 electrical system and panel modernization.
Lower Operating Costs: $33,000 former pool removal eliminates high maintenance liabilities.
Tenant Amenities: Gated access, security doors, ceiling fans, and on-site laundry.
Parking & Grounds: 13 on-site parking spaces and a spacious, walk-up central courtyard.
Building Details
Building Size
9,250 SF
Year Built
1960
Stories
2
Units
17
Construction
garden-style
Listed By:
Nick Kazemi · License #License(s): CA: 02008945
(949) 419-3333
Source:
Marcusmillichap
Added: Aug 14
Changed: Oct 6
Last Checked: Oct 14 at 7:34PM
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 Nick Kazemi
Investment Insights
Based on property information with market context.
This 17-unit apartment property at 5503–5511 Cherry Avenue comprises approximately 9,250 net rentable square feet on a 0.28-acre parcel. Built in 1960, the two-story garden-style layout centers on a courtyard and provides exterior walk-up access to the upper-level residences. The unit mix includes 1 studio, 15 one-bedroom/one-bath units, and 1 two-bedroom/one-bath unit.
Property features include gated entry, security doors, on-site laundry, ceiling fans, 12 surface parking spaces, and 1 garage space. Capital improvements completed in 2025 included an electrical system upgrade with panel replacements and removal of the former swimming pool, followed by installation of a concrete surface. The property is located in Long Beach, California, with the address listed as 5503 Cherry Ave, Long Beach, CA 90805.
Property features include gated entry, security doors, on-site laundry, ceiling fans, 12 surface parking spaces, and 1 garage space. Capital improvements completed in 2025 included an electrical system upgrade with panel replacements and removal of the former swimming pool, followed by installation of a concrete surface. The property is located in Long Beach, California, with the address listed as 5503 Cherry Ave, Long Beach, CA 90805.
Key Highlights
- 17‑unit apartment property with approximately 9,250 net rentable square feet
- Unit mix includes 1 studio, 15 one‑bedroom/one‑bath units, and 1 two‑bedroom/one‑bath unit
- 0.28‑acre parcel with a central courtyard and exterior walk‑up access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$154,502
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,090,040
$3.1M
Cap Rate 7%
$2,207,171
$2.2M
Cap Rate 9%
$1,716,689
$1.7M
Market Conditions
NOI Build-Up for 9,250 SF
Gross rent
$294.2K $31.80/SF
− Vacancy
−$13.2K −$1.43/SF
EGI
$280.9K $30.37/SF
− OpEx
−$126.4K −$13.67/SF
NOI
$154.5K $16.70/SF
Area
ZIP 90805
Vacancy
4.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,090,040
Cap Rate 7%
$2,207,171
Cap Rate 9%
$1,716,689
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,502 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,939 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
1,125
Businesses Nearby
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Business Placement
Demographics for 90805, CA
95,350
Population
28,954
Households
3.3
Avg Household Size
34
Median Age
18%
College-Educated
74%
High-School Grad
7.4 sq mi
ZIP Area
12,885
Density / Sq Mi
$68,615
Median Household Income
$34,948
Median Earnings
$1,664
Median Rent
$588,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Garden-style multifamily property with a central courtyard, gated access, on-site laundry, and predominantly one-bedroom units.
Where is this apartment building located?
The property is located at 5503 Cherry Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 17‑unit apartment property with approximately 9,250 net rentable square feet; Unit mix includes 1 studio, 15 one‑bedroom/one‑bath units, and 1 two‑bedroom/one‑bath unit; 0.28‑acre parcel with a central courtyard and exterior walk‑up access
