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$3,400,000
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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.
Full Property Details
Full Property Details for 6501 Cherry Ave
General
- Sold For: $3,400,000
- Status: Closed
- Type: Multi-Family
- Source: MRMLS
- MLS ID: OC22239480
- Added to Site: 1, 240 day(s) ago
Rooms
Other Rooms
- Laundry: Common Area
Additional Information
- Pool Description: None
Parking
- Garage Spaces: 5
- Parking Features: Assigned
- Parking: Assigned
Location
- Area: 7 - North Long Beach
- County: Los Angeles
- Development Name: 7 - North Long Beach
- Driving Directions: 91 Freeway to Cherry, south to Subject Property
Utilities
- Sewer: Sewer Paid
- Water: Public
- # Water Meters: 1
- # Gas Meters: 17
- # Electric Meters: 17
Structural Information
- Square Feet: 11,391
- Year Built: 1961
Unit Information
Unit 1
- Number of Units: 10
- Total Bathrooms: 1
- Bedrooms: 1
Unit 2
- Number of Units: 6
- Total Bathrooms: 1
- Bedrooms: 2
Lot Features
- Lot Size (Acres): 0.2519
- Lot Size Source: Assessor
- Zoning: LBCCA
- Lot Description: 16-20 Units/Acre
Financial Considerations
- Price Per Sq. Ft.: $298.48
- Price Per Unit: 248438
Listed and Sold by Mike Marcu, Broker, Mike Marcu
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Schools
Schools serving 6501 Cherry Ave
School District:Long Beach Unified School District
| Name | Grades | Distance |
|---|---|---|
Grant Elementary School, Long Beach, CA 1225 East 64th Street, Long Beach, CA 90805 | K-5 | 0.4 mi |
Hamilton Middle School 1060 70th Street, Long Beach, CA 90805 | 6-8 | 0.8 mi |
Jordan High School, Long Beach, CA 6500 Atlantic Avenue, Long Beach, CA 90805 | 9-12 | 0.9 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 6501 Cherry Ave
Date
Details
Price
Change
Source
10/13/2023
Sold
$3,400,000
-14.47%
MLS
4/03/2023
Price Reduced
$3,975,000
-7.45%
MLS
2/22/2023
Price Reduced
$4,295,000
-3.48%
MLS
12/20/2022
Price Reduced
$4,450,000
-3.99%
MLS
11/10/2022
Listed
$4,635,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
6501 Cherry Avenue, Long Beach, CA 90805 (MLS# OC22239480) is a Multi-Family property that was sold at $3,400,000 on October 13, 2023. Want to learn more about 6501 Cherry Avenue? Do you have questions about finding other Multi-Family real estate for sale in Long Beach? You can browse all Long Beach real estate or contact a Coldwell Banker agent to request more information.

