$3,400,000
$3,975,000
14.5%For more information regarding the value of a property, please contact us for a free consultation.
6501 Cherry AVE Long Beach, CA 90805
11,391 SqFt
Key Details
Sold Price $3,400,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 11,391 sqft
Price per Sqft $298
Subdivision North Long Beach (Nlb)
MLS Listing ID OC22239480
Sold Date 10/13/23
HOA Y/N No
Year Built 1961
Lot Size 0.252 Acres
Acres 0.2519
Property Description
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.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBCCA
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Assigned
Garage Spaces 5.0
Carport Spaces 5
Garage Description 5.0
Pool None
Community Features Urban
Parking Type Assigned
Total Parking Spaces 10
Private Pool No
Building
Lot Description 16-20 Units/Acre
Sewer Sewer Tap Paid
Water Public
New Construction No
Others
Senior Community No
Tax ID 7114006051
Energy Description 6185.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to Loan
Special Listing Condition Standard
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Bought with Mike Marcu • Mike Marcu, Broker