1081 Cherry Ave | Image 1
New
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$1,150,000

For Sale

4 days ago

1081 Cherry Ave, Long Beach, CA

House

MLS® 26676253

2 Bed

6 Bath

2773 sqft

5 Parking

  • Key Facts
  • Description
  • Map

Key Facts

Type 
Levels Residential Income
Size 2773 sqft
Garage 
Taxes 
Days Active 3
Lot Size 
Approx. Age 1923
Avg. Price Per Sqft $414
MLS® Number 26676253

Property Address: 1081 Cherry Avenue, Long Beach, CA, 90813

Average square foot calculated using Size range provided by listing agent.

Description

1081 Cherry Avenue presents investors with a rare opportunity to acquire a fully occupied, cash-flowing six-unit asset in Long Beach at a compelling 6.08% current cap rate with immediate upside on the table. Offered at $1, 150, 000, $191, 667 per unit and $415 per square foot, this 1923 built property delivers strong in place income of $110, 208 annually against a lean 33% expense ratio, producing a current NOI of $69, 944 with a clear path to $91.638 at pro forma rents. The property consists of one two-bedroom one-bath unit and five studios across 2, 773 square feet of building on a 6, 187 square foot lot. All six units are occupied with tenants paying gas and electric, and the building features an on-site laundry facility and garage parking for the two-bedroom unit. Studios are currently averaging $1, 272 per month against a market rent of $1, 600, representing an 18% rental upside that a new owner can capture through natural turnover with no heavy lifting required. At pro forma rents the GRM compresses to 8.83 and the cap rate expands to 7.97%, both favorable against comparable sales in the submarket which are averaging a 6.09% cap rate and 11.06 GRM. For the value-add investor seeking strong in-place cash flow with meaningful upside ahead, 1081 Cherry Avenue delivers day-one income, a below-market rent profile with room to grow, and the kind of returns that get stronger over time as rents are pushed to market through natural turnover.
MLS® Number26676253
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
Garage
Approx. Age1923
Basement
DrivewayDriveway, Shared Driveway, On Street
Garage Spaces
Heat
A/C
Heating Fuel

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Apr 7, 2026List Date
$1,150,000List Price
  • Commute

Commute

Starting Address
Destination Address
1081 Cherry Ave, Long Beach, CA

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