1724 Cherry Ave Long Beach, CA 90813
Central Neighborhood
12
Beds
8
Baths
5,540
Sq Ft
8,502
Sq Ft Lot
Highlights
- Laundry Room
- Parking Storage or Cabinetry
- 5 Car Garage
- Woodrow Wilson High School Rated A
About This Home
As of December 2024Price just reduced!! Just short of a 6 Cap rate now. This totally remodeled turnkey 8 unit Spanish Style property is in a high demand rental area of Long Beach just South of PCH. Great unit mix with (4) 2 Bed 1 Bath units and (4) 1 Bed 1 Bath units, and 100% of the unit interiors have been upgraded including cabinets, counters, flooring, paint, lighting, and bathrooms. One double garage and (3) single garages with additional storage create a great opportunity for a future ADU build. There is an attractive garden courtyard area for tenants' enjoyment, creating peaceful entries and common areas. Conveniently located for tenants at just 1 mile to the beach, 1 miles to the 405, and just over 2 miles to the 110. An onsite laundry room exists with hookups, but no machines or leases are in place. (4) of the units include in unit laundry. Major electrical panel upgrades were completed in 2021. Building is retrofitted and anchor bolted for earthquakes. Priced at a competitive GRM in the high 10's (10.96) and a Cap Rate just shy of 6% (5.8%), with strong yield allowing good leverage (~65% LTV) with interest only loans available at 5.8%.
Last Agent to Sell the Property
Buckingham Investments, Inc Brokerage Phone: 310-561-4776 License #01908153 Listed on: 08/08/2024
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $24,943
Year Built
- Built in 1928
Lot Details
- 8,502 Sq Ft Lot
- Two or More Common Walls
Parking
- 5 Car Garage
- Parking Storage or Cabinetry
- Parking Available
Home Design
- Apartment
Interior Spaces
- 5,540 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 12 Bedrooms
- 8 Bathrooms
Location
- Suburban Location
Listing and Financial Details
- Legal Lot and Block 21 / 3
- Tax Tract Number 3
- Assessor Parcel Number 7261006022
- $1,538 per year additional tax assessments
- Seller Considering Concessions
Community Details
Overview
- 3 Buildings
- 8 Units
- Poly High Subdivision
Amenities
- Laundry Facilities
Building Details
- Rent Control
- 8 Separate Electric Meters
- 8 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $380
- Fuel Expense $947
- Gardener Expense $1,080
- Insurance Expense $9,695
- Professional Management Expense $11,023
- Trash Expense $418
- Water Sewer Expense $2,066
- Operating Expense $63,806
- Gross Income $198,360
- Net Operating Income $124,921
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Aug 8, 2024
Closed on
Nov 22, 2024
Sold by
Mcbride Keith and Ford Michael
Bought by
Nashed Mark and Nashed Marlene
Seller's Agent
Anthony Walker
Buckingham Investments, Inc
Buyer's Agent
NoEmail NoEmail
None MRML
List Price
$2,225,000
Sold Price
$2,125,000
Premium/Discount to List
-$100,000
-4.49%
Total Days on Market
53
Views
8
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$15,111
Avg. Annual Appreciation
0.89%
Original Mortgage
$1,450,000
Outstanding Balance
$1,445,003
Interest Rate
6.79%
Mortgage Type
New Conventional
Estimated Equity
$690,926
Purchase Details
Closed on
Jul 7, 2020
Sold by
Gordon Peter D
Bought by
Mcbride Keith and Ford Michael
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,310,000
Interest Rate
2.8%
Mortgage Type
Construction
Purchase Details
Closed on
Aug 18, 2015
Sold by
Gordon Myriam and Gordon Myriam Marie Madeleine
Bought by
Gordon Peter D
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$115,000
Interest Rate
3.97%
Mortgage Type
Commercial
Purchase Details
Closed on
May 21, 2014
Sold by
Kwuon Linda Eun Duk
Bought by
Gordon Peter David
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$625,000
Interest Rate
4.17%
Mortgage Type
Commercial
Purchase Details
Closed on
Mar 30, 2010
Sold by
Cleveland Charles R and Cleveland Linda M
Bought by
Kwoun Linda Eun Duk
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$459,000
Interest Rate
5.01%
Mortgage Type
Future Advance Clause Open End Mortgage
Purchase Details
Closed on
Oct 2, 2001
Sold by
Muro Damaso and Muro Maria
Bought by
Cleveland Charles R and Cleveland Linda M
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$236,250
Interest Rate
6.39%
Mortgage Type
Commercial
Purchase Details
Closed on
Jul 29, 1997
Sold by
Muro Damaso
Bought by
Muro Damaso and Muro Maria
Similar Homes in Long Beach, CA
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $2,125,000 | Chicago Title Company | |
| Grant Deed | $1,775,000 | Lawyers Title | |
| Interfamily Deed Transfer | -- | Fidelity Sherman Oaks | |
| Grant Deed | $870,000 | Fatcola | |
| Grant Deed | $765,000 | First American Title Ins Co | |
| Grant Deed | $316,000 | North American Title Co | |
| Interfamily Deed Transfer | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $1,450,000 | New Conventional | |
| Previous Owner | $1,310,000 | Construction | |
| Previous Owner | $34,000 | Commercial | |
| Previous Owner | $55,000 | Unknown | |
| Previous Owner | $144,260 | Construction | |
| Previous Owner | $1,065,000 | Construction | |
| Previous Owner | $400,000 | Negative Amortization | |
| Previous Owner | $115,000 | Commercial | |
| Previous Owner | $40,000 | Commercial | |
| Previous Owner | $625,000 | Commercial | |
| Previous Owner | $459,000 | Future Advance Clause Open End Mortgage | |
| Previous Owner | $236,250 | Commercial |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 12/20/2024 12/20/24 | Sold | $2,125,000 | -2.3% | $384 / Sq Ft |
| 09/30/2024 09/30/24 | Pending | -- | -- | -- |
| 09/11/2024 09/11/24 | Price Changed | $2,175,000 | -2.2% | $393 / Sq Ft |
| 08/08/2024 08/08/24 | For Sale | $2,225,000 | -- | $402 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $24,943 | $1,883,643 | $1,140,798 | $742,845 |
| 2023 | $24,517 | $1,846,710 | $1,118,430 | $728,280 |
| 2022 | $23,018 | $1,810,500 | $1,096,500 | $714,000 |
| 2021 | $22,546 | $1,775,000 | $1,075,000 | $700,000 |
| 2020 | $13,104 | $975,173 | $448,355 | $526,818 |
| 2019 | $12,951 | $956,053 | $439,564 | $516,489 |
| 2018 | $12,565 | $937,308 | $430,946 | $506,362 |
| 2016 | $11,555 | $900,913 | $414,213 | $486,700 |
| 2015 | $11,976 | $887,382 | $407,992 | $479,390 |
| 2014 | $10,329 | $805,537 | $384,341 | $421,196 |
Source: Public Records
Agents Affiliated with this Home
-
Anthony Walker
Seller's Agent in 2024
Anthony Walker
Buckingham Investments, Inc
(310) 982-7055
4 in this area
78 Total Sales
-
Josh Ess
Seller Co-Listing Agent in 2024
Josh Ess
Buckingham Investments, Inc
(310) 982-7055
1 in this area
26 Total Sales
-
NoEmail NoEmail
N
Buyer's Agent in 2024
NoEmail NoEmail
None MRML
(646) 541-2551
1 in this area
5,728 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB24164233
APN: 7261-006-022
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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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