The Cherry Ave Collection, (the “Collection”, the “Portfolio” or the “Property”), is a 36-unit, 4-property multifamily portfolio located in Long Beach, California. Built between 1922 and 1923, the Collection offers investors an opportunity to acquire a sizable footprint in one of Los Angeles County’s most desirable rental markets. The Collection… Read More features an attractive mix of studio, one, and two-bedroom floor plans with desirable property amenities including surface and garage parking, on-site laundry (select units feature laundry hookups), and spacious common courtyards. The Collection is within walking distance of a variety of lifestyle amenities including Rose Park, the shops and restaurants of Retro Row, and Alamitos Beach. Additionally, the Collection is just a short commute to employers in Downtown Long Beach and adjacent employment hubs such as the South Bay and Orange County via the 710 and 405 freeways. In summary, the Cherry Ave Collection’s fantastic location offers residents access to a variety of employment, transportation, and retail amenities, all of which will attract a diverse renter pool. With rental upside and strong rental metrics, the Collection represents an attractive opportunity for a new owner seeking well located units. Read Less
Property listed by Marcus & Millichap RE Invest, Tyler Leeson [email protected]
Listing Snapshot
Days Online
0
Last Updated
Property Type
Apartment
Lot Size
0.75 Acres
Year Built
1922
MLS Number
OC25112446
30 Days Snapshot Of 90813
$575k
-8%
(avg) sold price
2
-71%
homes sold
93
+10%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1922, Building area total: 21,667, Levels: Two, 2 stories, 6 buildings, Common walls: NoCommonWalls
Community
Curbs, Gutters, Sidewalks
Expenses
Electric expense: $8,123, Fuel expense: $8,123, Insurance expense: $36,000, Maintenance expense: $32,400, New taxes expense: $86,815, Operating expense: $277,638, Trash expense: $8,123, Water sewer expense: $8,126, Other expense: $58,202
Garage
21 spaces
Income
Gross income: $726,677, Net operating income: $427,380
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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