6501 Cherry Avenue, Long Beach, CA 90805

About this property

Offering a strong current capitalization rate of 5.18% at the asking price this property lines up well with todays interest rates. Featuring 10 one bedroom and 6 two bedroom apartment units, this 16 unit building in Long Beach is situated in the middle of a dynamic area. Recent favorable zoning changes, in the 90805 zip code, the city of Long Beach has set the stage for substantial developements over the next 5 to 10 years. Paving the way for strong local job growth. In addition, the property is within the shere of influence of the Ports of Long Beach and Los Angeles. The building is clean and offers rental upside.

Listing description from the October 2023 sale, as reported to CRMLS.

Sale history

$3,400,000

Sold October 2023 · listed $3,975,000, orig. $4,635,000, on market November 2022 · MLS #OC22239480 · Source: CRMLS

Listing Agent: Mike Marcu · Listing Office: Mike Marcu, Broker · Contact: 909-371-1322 · Bought with: Mike Marcu · Mike Marcu, Broker

$2,200,000

Sold March 2015 · listed $2,095,000, on market December 2014 · MLS #RS14251846 · Source: CRMLS

Listing Agent: Scott Larsen · Listing Office: First Choice Property Mgmt Co · Contact: 562-925-6668 · Bought with: Doug Rodermund · Morgan Skenderian

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