1615 Cherry Ave Long Beach, CA 90813

This 4-unit apartment building in Long Beach, CA presents a compelling investment opportunity. Located on a 7,288 sq ft lot at 1615 Cherry Ave (APN 7261008027), this single-story, 3,546 sq ft building was constructed in 1949 with renovations in 1959 and 2014. The property features a mix of two 2-bedroom and two 3-bedroom units, currently boasting 80% occupancy (as of June 13, 2024). The current Net Operating Income (NOI) is $58,995, yielding a 4.70% cap rate. However, a pro-forma NOI of $118,800 projects a 9.47% cap rate, reflecting significant rental upside potential. The asking price is $1,255,000 ($353.92/sq ft and $313,750/unit). The property is zoned LBCNR and includes 2 parking spaces. Situated in a developing area near Signal Hill and beaches, this property benefits from ongoing rezoning efforts increasing apartment density, further enhancing its long-term value. This is a private ownership, stabilized investment, suitable for a 1031 exchange. The property is not subject to a ground lease.