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315 Cherry Ave, Long Beach

Charming, turnkey, and in a prime location – this is the generational asset you have been looking for! This clean and well-maintained 8-unit property consists of six 1bed/1bath units (over 900 sqft each) and two studio units with four garages. All the units are large, allow for a ton of natural light inside, have great layouts with cool original features (like French Doors, custom built-ins, fire places, etc.). Plus, the vintage character of this classic Spanish style property has been meticulously preserved, while modern amenities have been added over time like laundry units, AC/Heating units, modern kitchens, lighting, ceiling fans, etc. in each unit. The entire property is secured, has drought-resistant landscaping, and has
separate electrical and gas meters for each unit. Located within Alamitos Beach, this highly sought after neighborhood of Costal Long Beach is in close proximity to the best the city has to offer – local parks Carroll & Bixby Park), local beaches (Alamitos & Junipero Beach), local restaurants (4th Street Corridor & Retro Row), local golf courses, public transportation, etc. Plus, this neighborhood is securely anchored by the thriving local economy that continues to grow within Downtown Long Beach. For the savvy investor, the potential may exist to convert the garages into two studio units and/or to add additional bedrooms/ bathrooms to the existing large 1bed units. Also, one might consider a short-term and/or mid-term rental strategy to boost the income even more. This perfect combination is what every tenant is looking for in this area, which keeps vacancy rates low and market rental rates as high as possible – making this a great addition to any investors portfolio!

Property Details

  • Units: 8
  • Gross Rent Multiplier: 15.36
  • Cap Rate: 4.3

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Price

$3,350,000

Annual Income

$207,252

Annual NOI

$143,808

Annual Expense

$63,444

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
111$2,625$2,625$2,625$2,625
111$2,495$2,495$2,625$2,625
111$2,425$2,425$2,625$2,625
111$2,550$2,550$2,625$2,625
101$1,695$1,695$1,750$1,750
111$2,520$2,520$2,625$2,625
111$2,120$2,120$2,625$2,625
101$1,750$1,750$1,750$1,750
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
868$18,180$19,250

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