480 Cherry Avenue

Long Beach, CA 90802

  • 5 Bed(s)
  • 3 Bath(s)
  • 3,642 Sqft
  • 6276
    Sqft(Lot)
$1,250,000

Description

We are pleased to exclusively offer for sale this 3 unit multi-family investment located in the vibrant 90802 submarket of long beach. this large 3,642 sf triplex is steps away from 4th street and strategically positioned near retro row. this is the first time the property has been on the market in 20 years and the unit interiors have been meticulously maintained representing a true pride of ownership asset.

in addition to the building’s excellent location, one of the features is (2) generously sized 2 bedroom/1 bath units and (1) large 1 bedroom/1 bath unit. further, the 1 bedroom back unit contains a spacious patio and gazebo – idyllic for all residents. along these lines, the property presents itself as an excellent owner user opportunity for buyer(s) looking to live in one unit while utilizing the income from the other (2) to offset their annual debt service. each unit is separately metered for gas and electricity, lowering overhead costs for the owner. as it stands, the offering presents strong day 1 income with a current cap rate of 4.45% and future upside given the areas excellent rental demand. in addition, the tenants have access to a garage and elongated driveway which equates to at least (6) total parking spaces on site, which is especially significant in this parking impacted submarket. on top of this, the large back yard is ideally suited to build adus for investors looking to increase their annual cash flow.

all in all, the building’s proximity to retro row and the vast dining, shopping, and entertainment options therein provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate.

  • Property Type

    Residential Income

  • County

    Los Angeles

  • Style

    Residential Income

  • AD ID

    49106633

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Property Details

  • Water/Sewer

    • Water Source : Private
    • Sewer : Sewer Tap Paid

    Interior Features

    • Fireplace: Living Room

    Fireplace

    • Fireplace Features: Living Room
    • Has Fireplace: 1

  • Building Information

    • Year Built: 1930
    • Building Area Total: 3,642

    Pool Features

    • None

    Laundry Features

    • Common Area

  • Lot Details

    • Lot Dimensions Source: Vendor Enhanced
    • Lot Size Acres: 0.1441
    • Lot Size Source: Assessor
    • Lot Size Square Feet: 6276

  • Listing Price Information

    • Original List Price: 1,250,000
    • Listing Contract Date: 2025-03-26

    Lease Information

    • Listing Agreement: Exclusive Right To Sell

  • Tax Information

    • Parcel Number: 7263003005

  • Garage and Parking

    • Garage Description: Concrete,Direct Access,Driveway Level,Driveway,Garage,Paved

    Homeowners Association

    Rental Info

    • Lease Term: Negotiable
    • Tenant Pays: Electricity,Gas

  • Other Property Info

    • Source Listing Status: Active
    • Source Neighborhood: 2 - Belmont Heights, Alamitos Heights
    • Postal Code Plus 4: 2035
    • Directions: On the corner of 4th St, and Cherry Ave
    • Zoning: LBR1N
    • Source Property Type: Residential Income
    • Area: 2 - Belmont Heights, Alamitos Heights
    • Property SubType: Triplex

    Building and Construction

    • Property Age: 95
    • Common Walls: 1 Common Wall
    • Structure Type: Triplex
    • Year Built Source: Public Records
    • Entry Level: 1
    • Entry Location: Ground
    • Property Attached: Yes
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BuyOwner last updated this listing 04/05/2025 @ 17:39

  • MLS: SB25063034
  • LISTING PROVIDED COURTESY OF: ,
  • SOURCE: CRMLS

is a Home, with 5 bedrooms which is for sale, it has 3,642 sqft, 6,276 sized lot, and 1 parking. are nearby neighborhoods.