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Renovated 8 Units 6.5% Existing Cap Rate 1036 Cherry Ave 8 Unit Apartment Building $3,338,602 CAD ($417,325 CAD/Unit) 6.50% Cap Rate Long Beach, CA 90813
Investment Highlights
- 8 renovated non-rent controlled units with a current cap rate of 6.5%, ensuring immediate cash flow.
- Upgraded units feature modern cabinets, flooring, kitchens, bathrooms, and exterior enhancements.
- Prime North Long Beach location near beaches and major freeways, offering strong rental demand and no local rent control allowing 8% annual increases.
- Mix of one 3-bedroom, one-bath unit and seven 1-bedroom, one-bath units, including two new attached ADUs.
- Individually metered utilities with tenants responsible for gas, electricity, and trash, reducing operating expenses.
Executive Summary
Price Reduction! 8 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6.5% 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.
Property Facts
| Price | $3,338,602 CAD | Building Class | C |
| Price Per Unit | $417,325 CAD | Lot Size | 0.13 AC |
| Sale Type | Investment | Building Size | 4,722 SF |
| Cap Rate | 6.50% | Average Occupancy | 75% |
| Gross Rent Multiplier | 11.23 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1953 |
| Property Type | Multifamily | Parking Ratio | 1.27/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LBR2N - restricted Density Multiple Dwelling | ||
| Price | $3,338,602 CAD |
| Price Per Unit | $417,325 CAD |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| Gross Rent Multiplier | 11.23 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 4,722 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 1.27/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBR2N - restricted Density Multiple Dwelling |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| 3+1 | 1 | - | - |
1 1
Walk Score®
Very Walkable (87)
Property Taxes
| Parcel Number | 7262-008-019 | Improvements Assessment | $1,011,698 CAD |
| Land Assessment | $841,732 CAD | Total Assessment | $1,853,430 CAD |
Property Taxes
Parcel Number
7262-008-019
Land Assessment
$841,732 CAD
Improvements Assessment
$1,011,698 CAD
Total Assessment
$1,853,430 CAD
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Renovated 8 Units 6.5% Existing Cap Rate | 1036 Cherry Ave
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