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9 Units in North Alamitos Beach (Long Beach) 555 Cherry Ave 9 Unit Apartment Building $3,063,491 CAD ($340,388 CAD/Unit) 5.50% Cap Rate Long Beach, CA 90802
Investment Highlights
- 8.02% Market CAP Rate
- 0.70 miles to the Beach
- Parking includes 5 Single-Car Garages, and 5 Open Spaces
- All New Electrical Main & Subpanels currently being Installed
- Approximately 31% +/- Upside
- No local rent control (only to AB 1482)
Executive Summary
555 Cherry Avenue is located on the northern end of Alamitos Beach near Belmont Heights, Retro Row, and the Zaferia District—one of Long Beach’s strongest rental pockets. Offered for the first time in over 50 years, the property operates at a 5.50% CAP rate on current rents with the potential to achieve an 8.0%+ CAP rate through modest rent increases. All new main and sub electrical panels are currently being installed, minimizing near-term capital expenses. With strong in-place income, clear upside, and a prime coastal location, this presents an outstanding investment opportunity and exceptional value for investors seeking both stability and growth.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$249,013
|
$30.37
|
| Other Income |
$5,432
|
$0.66
|
| Vacancy Loss |
$7,633
|
$0.93
|
| Effective Gross Income |
$246,812
|
$30.10
|
| Taxes |
$38,879
|
$4.74
|
| Operating Expenses |
$39,567
|
$4.83
|
| Total Expenses |
$78,446
|
$9.57
|
| Net Operating Income |
$168,366
|
$20.53
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $249,013 |
| Annual Per SF | $30.37 |
| Other Income (CAD) | |
|---|---|
| Annual | $5,432 |
| Annual Per SF | $0.66 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,633 |
| Annual Per SF | $0.93 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $246,812 |
| Annual Per SF | $30.10 |
| Taxes (CAD) | |
|---|---|
| Annual | $38,879 |
| Annual Per SF | $4.74 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $39,567 |
| Annual Per SF | $4.83 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $78,446 |
| Annual Per SF | $9.57 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $168,366 |
| Annual Per SF | $20.53 |
Property Facts
| Price | $3,063,491 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $340,388 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.50% | Building Size | 5,793 SF |
| Gross Rent Multiplier | 12.04 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.73/1,000 SF |
| Zoning | LBR1N | ||
| Price | $3,063,491 CAD |
| Price Per Unit | $340,388 CAD |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 12.04 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 5,793 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.73/1,000 SF |
| Zoning | LBR1N |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $2,548 CAD | 800 |
| 1+1 | 6 | $2,184 CAD | 565 |
1 1
Walk Score®
Walker's Paradise (96)
Bike Score®
Very Bikeable (88)
Property Taxes
| Parcel Number | 7266-024-010 | Total Assessment | $258,096 CAD |
| Land Assessment | $42,203 CAD | Annual Taxes | $38,879 CAD ($6.71 CAD/SF) |
| Improvements Assessment | $215,893 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
7266-024-010
Land Assessment
$42,203 CAD
Improvements Assessment
$215,893 CAD
Total Assessment
$258,096 CAD
Annual Taxes
$38,879 CAD ($6.71 CAD/SF)
Tax Year
2025
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9 Units in North Alamitos Beach (Long Beach) | 555 Cherry Ave
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