1081 Cherry Ave 1081 Cherry Ave 6 Unité Immeuble d’appartements 1 477 350 $ CAD (246 225 $ CAD/Unité) 7,17% Taux de capitalisation Long Beach, CA 90813

1081 Cherry Avenue presents investors with a rare opportunity to acquire a fully occupied, cash-flowing six-unit asset in Long Beach at a compelling 7.17% current cap rate with immediate upside on the table.
Offered at $1,050,000, $175,000 per unit and $379 per square foot, this 1923 built property delivers strong in place income of $115,008 annually against a lean 33% expense ratio, producing a current NOI of $75,322 with a clear path to $87,728 at pro forma rents. The property consists of one two-bedroom one-bath unit and five studios across 2,773 square feet of building on a 6,187 square foot lot.
All six units are occupied with tenants paying gas and electric, and the building features an on-site laundry facility and garage parking for the two-bedroom unit.
Studios are currently averaging $1,272 per month against a market rent of $1,600, representing an 18% rental upside that a new owner can capture through natural turnover with no heavy lifting required. At pro forma rents the GRM compresses to 8.45 and the cap rate expands to 8.36%, both favorable against comparable sales in the submarket which are averaging a 6.09% cap rate and 11.06 GRM.
For the value-add investor seeking strong in-place cash flow with meaningful upside ahead, 1081 Cherry Avenue delivers day-one income, a below-market rent profile with room to grow, and the kind of returns that get stronger over time as rents are pushed to market through natural turnover.