$3,100,000
$3,100,000
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5,870 SqFt
SOLD DATE : 09/25/2019
Key Details
Sold Price $3,100,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 5,870 sqft
Price per Sqft $528
Subdivision Alamitos Beach (Ab)
MLS Listing ID PW19179785
Sold Date 09/25/19
HOA Y/N No
Year Built 1948
Lot Size 5,070 Sqft
Acres 0.1164
Property Description
125 Cherry Avenue is a 9-unit investment opportunity in prime Alamitos Beach, just two blocks from the ocean. The property offers a desirable mix of (2) studio units, (6) one-bedroom/one-bath units and (1) two-bedroom/1.5 bath unit. All units have been renovated with hardwood and wood-style luxury plank flooring, quartz countertops, Shaker-style cabinetry, stainless steel appliances and designer fixtures and hardware. Additional building features include secure, gated entry, bike storage racks, and a modern community BBQ/dining/entertainment courtyard. The Alamitos Beach location gives tenants close access to outdoor activities at Bixby Park and amenities at Fourth Street/Retro Row. This property provides an excellent opportunity for a new investor to own a turnkey asset in a submarket that commands rents that are approximately 19% higher on average than other Long beach neighborhoods. Nestled between downtown Long Beach and Belmont Shore is the charming, popular coastal neighborhood of Alamitos Beach. The area is within minutes of the best that Long Beach has to offer. Residents can walk to the wide sandy beach, bike path and volleyball courts, as well quaint bars and restaurants along the Broadway Corridor and trendy shops, restaurants and bars on Fourth Street-Retro Row. The area is also adjacent to booming Downtown Long Beach and its multitude of employment opportunities.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4N
Rooms
Ensuite Laundry Common Area, Laundry Room
Interior
Laundry Location Common Area,Laundry Room
Fireplace No
Laundry Common Area, Laundry Room
Exterior
Garage Garage
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Street Lights, Sidewalks, Urban
Parking Type Garage
Total Parking Spaces 1
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7265020013
Energy Description 833.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Steven Bogoyevac • Steven M. Bogoyevac, Broker
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
3631 Truxel Rd # 1081, Sacramento, CA, 95834, United States