Homes for sale - 480 Cherry AVE, Long Beach, CA 90802

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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$1,250,000

Est. payment - /mo

6,276 Sqft Lot

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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

We are pleased to exclusively offer for sale this 3 Unit multi-family investment located in the vibrant 90802 submarket of Long Beach. This large 3,642 SF triplex is steps away from 4th Street and strategically positioned near Retro Row. This is the first time the property has been on the market in 20 years and the unit interiors have been meticulously maintained representing a true pride of ownership asset.
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. Additionally, the upper 2 Bedroom unit will be delivered VACANT at the close of escrow. Along these lines, the property presents itself as an excellent owner user opportunity for buyer(s) looking to live in the vacant 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. Lastly, the building is eligible for the Mills Act, which provides property tax incentives.
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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Listed by Keaton Quaack • Lyon Stahl Investment Real Estate, Inc. • 562-743-8204

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