480 Cherry AVE Long Beach, CA 90802
6,276 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Subdivision Alamitos Heights (Ah)
MLS Listing ID SB25063034
HOA Y/N No
Year Built 1930
Lot Size 6,276 Sqft
Property Sub-Type Triplex
Property Description
In addition to the building's excellent location, one of the features is (2) generously sized 2 bedroom/1 bath units and (1) large 1 bedroom/1 bath unit. Further, the 1 bedroom back unit contains a spacious patio and gazebo – idyllic for all residents. Along these lines, the property presents itself as an excellent owner user opportunity for buyer(s) looking to live in one unit while utilizing the income from the other (2) to offset their annual debt service. Each unit is separately metered for gas and electricity, lowering overhead costs for the owner. As it stands, the offering presents strong day 1 income with a current CAP Rate of 4.45% and future upside given the areas excellent rental demand. In addition, the tenants have access to a garage and elongated driveway which equates to at least (6) total parking spaces on site, which is especially significant in this parking impacted submarket. On top of this, the large back yard is ideally suited to build ADUs for investors looking to increase their annual cash flow.
All in all, the building's proximity to Retro Row and the vast dining, shopping, and entertainment options therein provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate.
Location
State CA
County Los Angeles
Area 2 - Belmont Heights, Alamitos Heights
Zoning LBR1N
Interior
Fireplaces Type Living Room
Fireplace Yes
Laundry Common Area
Exterior
Parking Features Concrete, Direct Access, Driveway Level, Driveway, Garage, Paved
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Gutter(s), Street Lights, Sidewalks, Urban, Park
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Total Parking Spaces 6
Private Pool No
Building
Lot Description Back Yard, Front Yard, Garden, Lawn, Landscaped, Near Park, Near Public Transit, Rectangular Lot, Yard
Story 2
Sewer Sewer Tap Paid
Water Private
New Construction No
Others
Senior Community No
Tax ID 7263003005
Acceptable Financing Contract
Listing Terms Contract
Special Listing Condition Standard
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