Sold for $3,400,000

Listed by: Mike Marcu, Broker • Mike Marcu • Contact: 949-688-1224

Bought with: Mike Marcu, Broker

$3,400,000

6501 Cherry Ave, Long Beach, CA 90805

22beds

16baths

11,391sqft

Multi Family

Built in 1961

-- sqft lot

$1,737,200 Zestimate^®

$298/sqft

$2,825 Estimated rent

Home value

$1,737,200

$1.39M - $2.24M

$2,825/mo

Zestimate^® history

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$2,825/mo

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$2,825/mo

Rent Zestimate^®

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$21,437/mo

Est. payment

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$21,437/mo

Est. payment

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What's special

Offering 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.

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 22
Bathrooms: 16

Appliances

Laundry: Common Area

Features

Common walls with other units/homes: 1 Common Wall

Interior area

Total structure area: 11,391
Total interior livable area: 11,391 sqft

Property

Parking

Total spaces: 10
Parking features: Assigned
Garage spaces: 5
Carport spaces: 5
Covered spaces: 10

Features

Pool features: None

Lot

Size: 0.25 Acres
Features: 16-20 Units/Acre

Details

Parcel number: 7114006051
Zoning: LBCCA
Special conditions: Standard

Construction

Type & style

Home type: MultiFamily
Property subtype: Multi Family
Attached to another structure: Yes

Condition

New construction: No
Year built: 1961

Utilities & green energy

Sewer: Sewer Tap Paid
Water: Public

Community & HOA

Community

Features: Urban
Subdivision: North Long Beach (Nlb)

Location

Region: Long Beach

Financial & listing details

Price per square foot: $298/sqft
Date on market: 11/10/2022
Cumulative days on market: 257 days
Listing terms: Cash,Cash to New Loan
Tenant pays: Electricity, Gas

Price history

Date	Event	Price
10/13/2023	Sold	$3,400,000-14.5%$298/sqft
Source: CRMLS #OC22239480 Report a problem
7/26/2023	Pending sale	$3,975,000$349/sqft
Source: CRMLS #OC22239480 Report a problem
6/9/2023	Listed for sale	$3,975,000+6.1%$349/sqft
Source: CRMLS #OC22239480 Report a problem
12/13/2018	Listing removed	$3,745,000$329/sqft
Source: Morgan Skenderian #PW18139537 Report a problem
10/16/2018	Price change	$3,745,000-1.3%$329/sqft
Source: Morgan Skenderian #PW18139537 Report a problem
8/7/2018	Price change	$3,795,000-1.7%$333/sqft
Source: Morgan Skenderian #PW18139537 Report a problem
6/12/2018	Listed for sale	$3,860,000$339/sqft
Source: Morgan Skenderian #PW18139537 Report a problem