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$1,250,000
5 Days On Site

480 Cherry Avenue
Long Beach, CA 90802

For Sale|Triplex|Active
0
Beds
0
Full Baths
0
Partial Baths
3,642
SqFt
$343
/SqFt
1930
Built
Subdivision:
Alamitos Heights (AH)
County:
Los Angeles
Listed by Keaton Quaack of Lyon Stahl Investment Real Estate, Inc. [email protected]

Due to the health concerns created by Coronavirus we are offering personal 1-1 online video walkthough tours where possible.

Call Now: 562.896.2456
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562.896.2456
480 Cherry Avenue480 Cherry Avenue480 Cherry Avenue480 Cherry Avenue
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Monthly Payment (Est.)

$5,703
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We are pleased to exclusively offer for sale this 3 Unit multi-family investment located in the vibrant 90802 submarket of Long Beach. This large 3,642 SF triplex is steps away from 4th Street and strategically positioned near Retro Row. This is the first time the property has been on the market in 20 years and the unit interiors have been meticulously maintained representing a true pride of ownership asset. In addition to the building’s excellent location, one of the features is (2) generously sized 2 bedroom/1 bath units and (1) large 1 bedroom/1 bath unit. Further, the 1 bedroom back unit contains a spacious patio and gazebo – idyllic for all residents. Along these lines, the property presents itself as an excellent owner user opportunity for buyer(s) looking to live in one unit while utilizing the income from the other (2) to offset their annual debt service. Each unit is separately metered for gas and electricity, lowering overhead costs for the owner. As it stands, the offering presents strong day 1 income with a current CAP Rate of 4.45% and future upside given the areas excellent rental demand. In addition, the tenants have access to a garage and elongated driveway which equates to at least (6) total parking spaces on site, which is especially significant in this parking impacted submarket. On top of this, the large back yard is ideally suited to build ADUs for investors looking to increase their annual cash flow. All in all, the building’s proximity to Retro Row and the vast dining, shopping, and entertainment options therein provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate.

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Listing Snapshot
Price 
$1,250,000
Days On Site 
5 Days
Bedrooms 
N/A
Inside Area (SqFt) 
3,642 sqft
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
0.1441 Acres
Year Built 
1930
MLS® Number 
SB25063034
Status 
Active
Property Tax 
N/A
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
5 days agoListing first seen on site
6 days agoListing updated with changes from the MLS®
General Features
Acres 
0.1441
Garage 
Yes
Garage Spaces 
1
Number Of Stories 
2
Parking 
ConcreteDirect AccessDrivewayGaragePaved
Parking Spaces 
6
Property Sub Type 
Triplex
Special Circumstances 
Standard
SqFt Total 
3642
Utilities 
Natural Gas AvailableElectricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected
Water Source 
Private
Zoning 
LBR1N
Interior Features
Fireplace 
Yes
Fireplace Features 
Living Room
Laundry Features 
Common Area
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Exterior Features
Exterior 
Garden
Lot Features 
Back YardFront YardGardenLandscapedNear Public TransitRectangular Lot
Pool Features 
None
Spa Features 
None
Community Features
Building Access 
Ground
Community Features 
CurbsGolfStreet LightsSidewalksPark
Financing Terms Available 
Contract
MLS Area 
2 - Belmont Heights, Alamitos Heights


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. The 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, the 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.

Neighborhood & Commute
Source: Walkscore
Community information and market data Powered by ATTOM Data Solutions. Copyright ©2019 ATTOM Data Solutions. Information is deemed reliable but not guaranteed.
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