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1426 Cherry Ave, Long Beach
- Well-located 4-unit property just outside of Downtown Long Beach
- Major value add potential with a 37% upside on actual income
- Huge ADU development potential with 10 single garages in a separate structure on the lot
- Excellent unit mix with (2) three bedroom units and (2) two bedroom units
- Strong GRM on market rents of 12.5X before considering any ADU conversion
- Attractive 30-year fixed residential financing available
- Perfect first-time apartment investment purchase
- Dense rental market with low vacancy
Property Details
- Units: 4
- Gross Rent Multiplier: 17.12
- Cap Rate: 3.3
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$1,350,000
Annual Income
$75,180
Annual NOI
$44,094
Annual Expense
$30,987
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 1 | $1,488 | $1,488 | $1,800 | $1,800 |
| 1 | 2 | 1 | $1,594 | $1,594 | $1,800 | $1,800 |
| 1 | 3 | 1 | $1,589 | $1,589 | $2,200 | $2,200 |
| 1 | 3 | 1 | $1,594 | $1,594 | $2,200 | $2,200 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 4 | 10 | 4 | $6,265 | $8,000 |
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