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$ 5,850,000
Est. payment | /mo
3 Beds
2 Baths
0.45 Acres Lot
$ 5,850,000
Est. payment | /mo
3 Beds
2 Baths
0.45 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID RS26238078
Bedrooms 3
Lot Size 0.447 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
Two-parcel offering of 26 units in Long Beach: 905 and 915 Cherry Avenue, mirrored 13-unit 1922 buildings sold together as one package. Each building sits on its own parcel below the 16-unit resident-manager threshold, so no managers unit or payroll. Unit mix is (24) one-bedrooms and (2) two-bedrooms with (12) on-site garages and on-site laundry. 17 of 26 units have been renovated, including four full 2026 renovations with white shaker cabinetry, quartz counters and stainless appliances. Upgraded electrical throughout both buildings (Buyer to verify); sections of the copper water lines and sewer lines upgraded; SB 721 inspection complete. Listed at a 6.10% cap and 10.38 GRM on current total gross income, with roughly 13% upside as units turn to the $1,845 / $2,445 rents achieved on five 2026 leases. Assumable $3.1M loan at 5.97% interest-only. Seller has conceptual plans for (6) ADUs (3) per building converting the rear garage banks and taking the property to 32 units (Buyer to verify). Subject to AB 1482 only; no local rent control. Walking distance to Retro Row and Rose Park, minutes to Downtown and the Space Beach employment corridor.
Location
State CA
County Los Angeles
Zoning Assessor
Direction Cherry Ave between E 9th St and E 10th St, south of Anaheim St
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7267015018
Acceptable Financing Cash
Listing Terms Cash
Listed by Andrew McAllister, DRE#01946829 eXp Realty of Greater L.A
Nearby Locations
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