NOT LISTED FOR SALE

315 Cherry Ave Long Beach, CA 90802

North Alamitos Beach Neighborhood
6 Beds
7 Baths
6,392 Sq Ft
1923 Built

Last Sold June 01, 2018

Last sale price $1,775,000 $278 Per Sq Ft

13 Days on Market

About This Home

As of June 2018

We are pleased to present an 8-unit apartment building located at 315 Cherry Avenue in Long Beach, California. The property was built in 1923 with
beautiful Spanish architecture. It consists of 6,392 rentable square feet spread throughout a 6,754 square foot lot. There are two studio units and (6) 1-bedroom / 1-bathroom units. Some of the 1 bedroom units have washer dryer hookups as well. The property is separately metered for gas and electricity.There are 4 garages and 4 parking spaces for tenant convenience and potential owner extra income.

The subject property is located in Alamitos Beach where there are an array of new developments coming in the next few years. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living just three blocks from the ocean and walking distance to Downtown Long Beach where there are shops, restaurants, cafes, entertainment centers and grocery stores.

Last Agent to Sell the Property

Kevin King

Marcus & Millichap License #01158184 Listed on: 03/27/2018

Last Buyer's Agent

NoEmail NoEmail

NONMEMBER MRML

NONMEMBER MRML

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1923

Lot Details

  • 6,754 Sq Ft Lot
  • Two or More Common Walls
  • Density is 6-10 Units/Acre

Parking

  • 4 Car Garage

Home Design

  • Property Attached

Interior Spaces

  • 6,392 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 7 Bathrooms

Utilities

  • Septic Type Unknown

Listing and Financial Details

  • Tax Lot 14
  • Tax Tract Number 57603
  • Assessor Parcel Number 7275018033

Community Details

Overview

  • 8 Units

Building Details

  • 8 Separate Electric Meters
  • 8 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $582
  • Fuel Expense $582
  • Gardener Expense $600
  • Insurance Expense $3,344
  • Maintenance Expense $5,200
  • Other Expense $2,000
  • Professional Management Expense $7,680
  • Trash Expense $582
  • Water Sewer Expense $582
  • New Taxes Expense $20,250
  • Operating Expense $41,404
  • Gross Income $108,368
  • Net Operating Income $66,964

Property Details

Home Type

Multi-Family

Year Built

Built in 1923

Lot Details

0

Parking

4

Listing Details

  • Professional Management Expense: 7680.00
  • Property Attached: Yes
  • Subdivision Name Other: Belmont Heights (BH)
  • Water Sewer Expenses: 582.00
  • Zoning: LBR1N
  • Property Type: Residential Income
  • Gardener Expense: 600.00
  • Parcel Number: 7275018033
  • Year Built: 1923
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 277.69

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Total Parking Spaces: 4.00

Utilities

  • Laundry: No
  • Sewer: Septic Type Unknown
  • Trash Expense: 582.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Curbs, Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 6754.00

Multi Family

  • Electric Expense: 582.00
  • Fuel Expense: 582.00
  • Gross Income: 108368.00
  • Gross Scheduled Income: 111720.00
  • Insurance Expense: 3344.00
  • Maintenance Expense: 5200.00
  • Net Operating Income: 66964.00
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 8
  • Operating Expense: 41404.00
  • Other Expense: 2000.00
  • Other Expense Description: Misc/Res
  • Rent Control: No
  • Total Actual Rent: 9310.00
  • Total Expenses: 41404.00

Tax Info

  • New Taxes Expense: 20250.00
  • Tax Census Tract: 5765.03
  • Tax Lot: 14
  • Tax Tract Number: 57603

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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List Price
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
06/01/2018 06/01/18 Sold $1,775,000 -1.4% $278 / Sq Ft
04/09/2018 04/09/18 Pending -- -- --
03/27/2018 03/27/18 For Sale $1,800,000 -- $282 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Kevin King

    Seller's Agent in 2018

    Kevin King

    Marcus & Millichap

    (562) 257-1245

    7 in this area

    42 Total Sales

    Kevin King
    Section Image

  • N

    Buyer's Agent in 2018

    NoEmail NoEmail

    NONMEMBER MRML

    (646) 541-2551

    3 in this area

    6,160 Total Sales

    NoEmail NoEmail
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW18069440

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

315 Cherry Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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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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