1086 Cherry Avenue, Long Beach, CA 90813

$785,000
2,280
SqFt
List Price
$785,000
Status
PENDING
MLS#
PW21012656
Year Built
1923
Living Sq. Ft
2,280
Lot Size
5,709
Acres
0.1311
Lot Location
0-1 Unit/Acre
Days on Market
0
Property Type
Multifamily
Stories
Multi Level

Property Description

Great Investment Opportunity with increased upside potential! This Triplex is located in a fast developing central Long Beach corridor. This highly desirable rental neighborhood is well recognized for its excellent walk-ablity score , school district and convivence to the major Long Beach public transportation artery . County Assessor office shows this a three bedroom / three bath triplex. Due to the size of the units the Front Two Units have been converted to 2 bedrooms/1baths / 1 living room You will find the Large THIRD Apartment over the 4 Garages. This unit has a large 1 large bedroom and a separate big living room In addition to 4 single car garages there are 5 parking spots and a common yard in between the 2 buildings. This parking area and 4 garage set up is a real value for the tenants. The Driveway is common use with adjacent property. Rents are on a month to month basis and at the risk of being redundant carry an immediate up value potential and are scheduled for increase when covid regulations allow. As this property is separately metered the tenants pay for all utilities accept water and while the property is well maintained costs to the property owner are minor

Additional Information

Lot Description
Gutters, Park, Sidewalks, Street Lights
Appliances
Gas Range
Pool Description
None
Fireplace Description
None
Heat
Wall Furnace, Natural Gas
View
Neighborhood
Exterior Construction
Lap Siding, Stucco
Garage Spaces Total
4
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Number Of Units Total
3
Gross Scheduled Income
$44,088
Operating Expense
900
Unit One Total Units
1
Unit One Beds
2
Unit One Baths
1
Unit One Garage Spaces
1.00
Unit One Actual Rent
1239.00
Unit One Total Rent
1239.00
Unit One Pro Forma
1685
Unit One Furnished
Unfurnished
Unit Two Total Units
1
Unit Two Beds
2
Unit Two Baths
1
Unit Two Garage Spaces
1.00
Unit Two Actual Rent
1335.00
Unit Two Total Rent
1335.00
Unit Two Pro Forma
1685
Unit Two Furnished
Unfurnished
Unit Three Total Units
1
Unit Three Beds
1
Unit Three Baths
1
Unit Three Garage Spaces
1.00
Unit Three Actual Rent
1100.00
Unit Three Total Rent
1100.00
Unit Three Pro Forma
1400
Unit Three Furnished
Unfurnished

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

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Calculator source: Real Geeks

Listing courtesy of Charles Brewer from Home Smart Realty Group

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.