Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

26

Building size

15,328 sqft

Lot size

19,492 sqft

Year built

1922

Stories

2

Garage spaces

12

Heating

Wall Furnace

Cooling

None

Pool

None

Status

Active

Days on market

0

MLS #

249295280

About this property

Two-parcel offering of 26 units in Long Beach: 905 and 915 Cherry Avenue, mirrored 13-unit 1922 buildings sold together as one package. Each building sits on its own parcel below the 16-unit resident-manager threshold, so no manager’s unit or payroll. Unit mix is (24) one-bedrooms and (2) two-bedrooms with (12) on-site garages and on-site laundry. 17 of 26 units have been renovated, including four full 2026 renovations with white shaker cabinetry, quartz counters and stainless appliances. Upgraded electrical throughout both buildings (Buyer to verify); sections of the copper water lines and sewer lines upgraded; SB 721 inspection complete. Listed at a 6.10% cap and 10.38 GRM on current total gross income, with roughly 13% upside as units turn to the $1,845 / $2,445 rents achieved on five 2026 leases. Assumable $3.1M loan at 5.97% interest-only. Seller has conceptual plans for (6) ADUs — (3) per building — converting the rear garage banks and taking the property to 32 units (Buyer to verify). Subject to AB 1482 only; no local rent control. Walking distance to Retro Row and Rose Park, minutes to Downtown and the Space Beach employment corridor.

Location

905 Cherry

Long Beach, Los Angeles, CA, 90813