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315 Cherry Avenue
Long Beach, CA 90802
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!
PROPERTY INFORMATION
| MLS # | SB24022524 | Lot Size | 6,756 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | Commercial/Residential |
| Price | $ 3,195,000
Price Per SqFt: $ 500 |
DOM | 463 Days |
| Address | 315 Cherry Avenue | Type | Residential Income |
| City | Long Beach | Sq.Ft. | 6,392 Sq. Ft. |
| Postal Code | 90802 | Garage | 4 |
| County | Los Angeles | Year Built | 1923 |
| Bed / Bath | 6 / 0 | Parking | 4 |
| Built In | 1923 | Status | Active |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Gas & Electric Dryer Hookup, In Closet, Individual Room, Inside |
| Has Fireplace | No |
| Fireplace Information | None |
| Has Appliances | No |
| Kitchen Appliances | None |
| Has Heating | Yes |
| Heating Information | Ductless |
| Room Information | Den, Entry, Family Room, Kitchen, Laundry, Living Room |
| Has Cooling | No |
| Cooling Information | None |
| Flooring Information | Laminate, Vinyl, Wood |
| InteriorFeatures Information | 2 Staircases, Built-in Features, Ceiling Fan(s), Open Floorplan, Quartz Counters, Recessed Lighting |
| EntryLocation | Eastside |
| Entry Level | 0 |
| Has Spa | No |
| SpaDescription | None |
| SecuritySafety | Gated Community, Smoke Detector(s) |
EXTERIOR FEATURES
| ExteriorFeatures | Lighting |
| FoundationDetails | Raised |
| Roof | Flat |
| Has Pool | No |
| Pool | None |
| Has Fence | Yes |
| Fencing | Good Condition, Security |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $3,408
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 02/01/2024 | Listed | $3,350,000 |
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Listing provided courtesy of Matthew Mahowald, Buckingham Investments, Inc. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
