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1036 Cherry Ave
For Sale $2,595,000 ($549.56 per Sq Ft)
$2,595,000 ($549.56 per Sq Ft)
- 8 Units
- 4,722 Sq Ft
- 5,844 Sq Ft
- Unknown Cap Rate
Description
8 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6.1% from day 1! Excellent unit mix of 1 (3bed/1bath) unit and 7 (1bed/1bath) units including 2 brand-new attached ADUs. Several units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash, further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) for future upside. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.
Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $2,595,000 |
| Property Type | Multi-Family |
| Usable Sqft | 4,722 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1921 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7262008019 |
| MLS # | 25628703 |
| Property ID | 291998339 |
| Lot Sqft | 5,844 |
| Zoning | LBR2N |
| Total Units | 8 |
| Days on Market | 12 |
| Original List Price | $2,595,000 |
| Date Updated | December 23, 2025 |
| Date Created | December 15, 2025 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $2,295 | $2,295 |
| Unit #2 | 1 | 1.00 | $2,295 | $2,295 |
| Unit #3 | 1 | 1.00 | $2,295 | $2,295 |
| Unit #4 | 1 | 1.00 | $2,295 | $2,295 |
| Unit #5 | 1 | 1.00 | $2,295 | $2,295 |
| Unit #6 | 1 | 1.00 | $2,295 | $2,295 |
| Unit #7 | 1 | 1.00 | $1,995 | $1,995 |
| Unit #8 | 1 | 1.00 | $1,995 | $1,995 |
| Gross Income (Yr) | $ 213,707 |
| Operating Expenses | $ 55,146 |
| Net Income (Yr) | $ 158,562 |
| Cap Rate | 6.10% |
Listing Provided By
Armin Soleimani an agent of Global Platinum Properties, Inc.. Lic #01846872
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Robert Crawford
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