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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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Price

$1,350,000

Annual Income

$75,180

Annual NOI

$44,094

Annual Expense

$30,987

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
121$1,488$1,488$1,800$1,800
121$1,594$1,594$1,800$1,800
131$1,589$1,589$2,200$2,200
131$1,594$1,594$2,200$2,200
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
4104$6,265$8,000

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