Seller's Agent in 2023
Mike Marcu
Mike Marcu, Broker
(562) 260-0940
1 in this area
15 Total Sales
6501 Cherry Ave Long Beach, CA 90805
Nehyam Neighborhood
3
Beds
2
Baths
11,391
Sq Ft
0.25
Acres
Highlights
- 0.25 Acre Lot
- No HOA
- Laundry Room
About This Home
As of October 2023Offering a strong current capitalization rate of 5.18% at the asking price this property lines up well with todays interest rates. Featuring 10 one bedroom and 6 two bedroom apartment units, this 16 unit building in Long Beach is situated in the middle of a dynamic area. Recent favorable zoning changes, in the 90805 zip code, the city of Long Beach has set the stage for substantial developements over the next 5 to 10 years. Paving the way for strong local job growth. In addition, the property is within the shere of influence of the Ports of Long Beach and Los Angeles. The building is clean and offers rental upside.
Last Agent to Sell the Property
Mike Marcu, Broker License #00919594 Listed on: 11/10/2022
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1961
Lot Details
- 0.25 Acre Lot
- 1 Common Wall
- Density is 16-20 Units/Acre
Parking
- 5 Car Garage
- 5 Carport Spaces
- Parking Available
- Assigned Parking
Home Design
- 11,391 Sq Ft Home
- Apartment
Bedrooms and Bathrooms
- 3 Bedrooms
- 2 Bathrooms
Laundry
- Laundry Room
- Leased Washer and Dryer
Additional Features
- Urban Location
- Sewer Paid
Listing and Financial Details
- Tenant pays for electricity, gas
- Tax Lot 56
- Tax Tract Number 9103
- Assessor Parcel Number 7114006051
Community Details
Overview
- No Home Owners Association
- 16 Units
- North Long Beach Subdivision
Amenities
- Laundry Facilities
Building Details
- 17 Separate Electric Meters
- 17 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $2,337
- Fuel Expense $6,185
- Gardener Expense $4,751
- Insurance Expense $5,200
- Maintenance Expense $5,200
- Other Expense $5,300
- Professional Management Expense $20,100
- Trash Expense $5,992
- Water Sewer Expense $5,800
- New Taxes Expense $50,209
- Operating Expense $109,909
- Gross Income $460
- Net Operating Income $205,836
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 10/13/2023 10/13/23 | Sold | $3,400,000 | -14.5% | $298 / Sq Ft | |
| 07/26/2023 07/26/23 | Pending | -- | -- | -- | |
| 06/09/2023 06/09/23 | For Sale | $3,975,000 | +16.9% | $349 / Sq Ft | |
| 06/08/2023 06/08/23 | Off Market | $3,400,000 | -- | -- | |
| 04/03/2023 04/03/23 | Price Changed | $3,975,000 | -7.5% | $349 / Sq Ft | |
| 02/22/2023 02/22/23 | Price Changed | $4,295,000 | -3.5% | $377 / Sq Ft | |
| 12/20/2022 12/20/22 | Price Changed | $4,450,000 | -4.0% | $391 / Sq Ft | |
| 11/10/2022 11/10/22 | For Sale | $4,635,000 | +110.7% | $407 / Sq Ft | |
| 03/02/2015 03/02/15 | Sold | $2,200,000 | +5.0% | $193 / Sq Ft | View Prior Sale |
| 12/15/2014 12/15/14 | Pending | -- | -- | -- | |
| 12/02/2014 12/02/14 | For Sale | $2,095,000 | -- | $184 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Mike Marcu
-
Scott Larsen
Seller's Agent in 2015
Scott Larsen
First Choice Property Mgmt Co
(562) 925-6668
3 Total Sales
-
Doug Rodermund
Buyer's Agent in 2015
Doug Rodermund
Morgan Skenderian
(949) 295-8560
32 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC22239480
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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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