NOT LISTED FOR SALE

107 Cherry Ave Long Beach, CA 90802

Alamitos Beach Neighborhood
1 Bed
2 Baths
12,980 Sq Ft
10,019 Sq Ft Lot

Last Sold April 10, 2024

Last sale price $3,800,000 $293 Per Sq Ft

90 Days on Market

Highlights

  • 0.23 Acre Lot
  • Level Lot
  • 2-minute walk to Bixby Park
  • Long Beach Polytechnic High School Rated A

About This Home

As of April 2024

Park Side West Garden Apartments is a 17-unit multifamily investment property located at 101 - 107 Cherry Avenue in Long Beach, CA. Park Side West offers an attractive mix of studio and one-bedroom floor plans and amenities including private balconies (select units) and storage lockers. Units feature a mix of tile and carpet flooring, as well as granite countertops, tile backsplashes, and walk-in closets. Park Side West benefits from its unparalleled Alamitos Beach location, adjacent to Bixby Park and a short walk to popular local beaches. The property is just 0.40 miles from Retro Row, providing residents with easy access to some of Long Beach’s most unique and vibrant shops and restaurants. Additionally, residents enjoy Park Side West’s close proximity to Downtown Long Beach, the city’s cultural and financial hub. Furthermore, the property is just over 1.50 miles from the abundance of retail, dining, and entertainment options at Belmont Shore’s 2nd Street. The property’s ideal Long Beach location surrounded by neighborhoods offering a wide variety of outdoor activities as well as employment, transportation, and retail amenities is a primary draw for potential renters. This overall demand for well-located rental units will be a key driver in the continued growth and success at Park Side West Garden Apartments.

Last Agent to Sell the Property

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Phone: 714-713-9086 License #01451551 Listed on: 11/28/2023

Last Buyer's Agent

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Phone: 714-713-9086 License #01451551 Listed on: 11/28/2023

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1948

Lot Details

  • 10,019 Sq Ft Lot
  • No Common Walls
  • Level Lot

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 12,980 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 1 Bedroom
  • 2 Bathrooms

Listing and Financial Details

  • Legal Lot and Block 12 / 67
  • Tax Tract Number 576602
  • Assessor Parcel Number 7265020015
  • $3,042 per year additional tax assessments

Community Details

Overview

  • 17 Units

Building Details

  • 17 Separate Electric Meters
  • 17 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $2,074
  • Fuel Expense $2,075
  • Insurance Expense $11,050
  • Maintenance Expense $10,200
  • Other Expense $24,492
  • Professional Management Expense $12,026
  • Trash Expense $2,075
  • Water Sewer Expense $2,075
  • New Taxes Expense $52,882
  • Operating Expense $118,949
  • Gross Income $309,960
  • Net Operating Income $181,712

Property Details

Home Type

Apartment

Year Built

Built in 1948

Lot Details

0

Listing Details

  • CapRate: 4.28
  • Professional Management Expense: 12026.00
  • Property Attached: No
  • Water Sewer Expenses: 2075.00
  • Zoning: LBR4N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 7265020015
  • Year Built: 1948
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 292.76

Exterior Features

  • Pool Private: No

Utilities

  • Laundry: No
  • Sewer: Public Sewer
  • Trash Expense: 2075.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Level with Street
  • Lot Size Sq Ft: 10018.80
  • Lot Size Acres: 0.2300

Multi Family

  • Electric Expense: 2074.00
  • Fuel Expense: 2075.00
  • Gross Income: 309960.00
  • Gross Multiplier: 13.71
  • Gross Operating Income: 300661.00
  • Gross Scheduled Income: 309960.00
  • Insurance Expense: 11050.00
  • Lot Size Area: 0.2300 Acres
  • Maintenance Expense: 10200.00
  • Net Operating Income: 181712.00
  • Number Of Separate Electric Meters: 17
  • Number Of Separate Gas Meters: 17
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 17
  • Operating Expense: 118949.00
  • Other Expense: 24492.00
  • Other Expense Description: Misc
  • Rent Control: No
  • Total Expenses: 118949.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 52882.00
  • Tax Block: 67
  • Tax Census Tract: 5766.02
  • Tax Lot: 12
  • Tax Tract Number: 576602
  • TaxOtherAnnualAssessmentAmount: 3042.00

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/10/2024 04/10/24 Sold $3,800,000 -10.6% $293 / Sq Ft
02/26/2024 02/26/24 Pending -- -- --
11/28/2023 11/28/23 For Sale $4,250,000 -- $327 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Tyler Leeson

    Seller's Agent in 2024

    Tyler Leeson

    Marcus & Millichap RE Invest

    (949) 419-3200

    3 in this area

    155 Total Sales

    Tyler Leeson
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC23217739

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90802 Alamitos Beach

107 Cherry Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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