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5505 Cherry Ave 17 Unit Apartment Building $4,176,180 CAD ($245,658 CAD/Unit) 5.17% Cap Rate Long Beach, CA 90805
Investment Highlights
- Location & Scale: 17-unit multifamily investment property in Long Beach, CA.
- Property Size: 9,250 net rentable square feet situated on a 0.28-acre parcel.
- Tenant Amenities: Gated access, security doors, ceiling fans, and on-site laundry.
- Strong Unit Mix: Predominantly one-bedroom units (15 1BD/1BA, 1 2BD/1BA, 1 Studio).
- Recent Cap Ex: $85,000 in major capital improvements completed in 2025.
- Parking & Grounds: 13 on-site parking spaces and a spacious, walk-up central courtyard.
Executive Summary
The Leeson Group of Marcus & Millichap is pleased to present 5503 - 5511 Cherry Avenue, a 17-unit multifamily investment opportunity in Long Beach, California. Constructed in 1960, the two-story, gardenstyle property features approximately 9,250 net rentable square feet on a 0.28-acre parcel. The community is arranged around a spacious central courtyard, with exterior walk-up access to the second-floor units.
The property features a unit mix of 1 studio, 15 one-bed/one-bath units, and 1 two-bed/one-bath unit. Community amenities include gated access, security doors, on-site laundry, ceiling fans, a central courtyard, 12 surface parking spaces, and 1 garage space.
Ownership completed approximately $85,000 in capital improvements in 2025, including a $52,000 electrical system upgrade with panel replacements and the $33,000 removal of the former swimming pool and installation of a concrete surface. These improvements strengthened the property’s electrical infrastructure while eliminating the maintenance and operating requirements associated with the former pool.
5503 - 5511 Cherry Avenue offers investors the opportunity to acquire a well-maintained multifamily asset with a predominantly one-bedroom unit mix and recently completed capital improvements.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The property features a unit mix of 1 studio, 15 one-bed/one-bath units, and 1 two-bed/one-bath unit. Community amenities include gated access, security doors, on-site laundry, ceiling fans, a central courtyard, 12 surface parking spaces, and 1 garage space.
Ownership completed approximately $85,000 in capital improvements in 2025, including a $52,000 electrical system upgrade with panel replacements and the $33,000 removal of the former swimming pool and installation of a concrete surface. These improvements strengthened the property’s electrical infrastructure while eliminating the maintenance and operating requirements associated with the former pool.
5503 - 5511 Cherry Avenue offers investors the opportunity to acquire a well-maintained multifamily asset with a predominantly one-bedroom unit mix and recently completed capital improvements.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$403,001
|
$43.57
|
| Other Income |
$3,466
|
$0.37
|
| Vacancy Loss |
$12,090
|
$1.31
|
| Effective Gross Income |
$394,378
|
$42.64
|
| Taxes |
$53,000
|
$5.73
|
| Operating Expenses |
$125,450
|
$13.56
|
| Total Expenses |
$178,450
|
$19.29
|
| Net Operating Income |
$215,928
|
$23.34
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $403,001 |
| Annual Per SF | $43.57 |
| Other Income (CAD) | |
|---|---|
| Annual | $3,466 |
| Annual Per SF | $0.37 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $12,090 |
| Annual Per SF | $1.31 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $394,378 |
| Annual Per SF | $42.64 |
| Taxes (CAD) | |
|---|---|
| Annual | $53,000 |
| Annual Per SF | $5.73 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $125,450 |
| Annual Per SF | $13.56 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $178,450 |
| Annual Per SF | $19.29 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $215,928 |
| Annual Per SF | $23.34 |
Property Facts
| Price | $4,176,180 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $245,658 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 5.17% | Building Size | 9,250 SF |
| Gross Rent Multiplier | 10.27 | No. Stories | 2 |
| No. Units | 17 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 1.41/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LBCCA | ||
| Price | $4,176,180 CAD |
| Price Per Unit | $245,658 CAD |
| Sale Type | Investment |
| Cap Rate | 5.17% |
| Gross Rent Multiplier | 10.27 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 9,250 SF |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.41/1,000 SF |
| Zoning | LBCCA |
Amenities
Site Amenities
- Courtyard
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 400 |
| 1+1 | 15 | - | 535 |
| 2+1 | 1 | - | 825 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 7128-031-002 | Total Assessment | $471,243 CAD (2025) |
| Land Assessment | $106,090 CAD (2025) | Annual Taxes | $53,000 CAD ($5.73 CAD/SF) |
| Improvements Assessment | $365,153 CAD (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
7128-031-002
Land Assessment
$106,090 CAD (2025)
Improvements Assessment
$365,153 CAD (2025)
Total Assessment
$471,243 CAD (2025)
Annual Taxes
$53,000 CAD ($5.73 CAD/SF)
Tax Year
2026 Payable 2026
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5505 Cherry Ave
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