480 Cherry Avenue
Long Beach, CA, 90802
$1,250,000
Beds
0 Baths
SqFt
0.14 Acres
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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 Details

Price:
$1,250,000
MLS #:
SB25063034
Status:
Active
Baths:
0
Address:
480 Cherry Avenue
Type:
Residential Income
Subtype:
Triplex
Subdivision:
Alamitos Heights AH
Neighborhood:
2belmontheightsalamitosheights
City:
Long Beach
Listed Date:
Mar 26, 2025
State:
CA
ZIP:
90802
Lot Size:
6,276 sqft / 0.14 acres (approx)
Year Built:
1930
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Schools

Interior

Fireplace Features
Living Room

Exterior

Community Features
Biking, Curbs, Dog Park, Golf, Gutters, Park, Sidewalks, Street Lights, Urban
Garage Spaces
1.00
Lot Features
Back Yard, Front Yard, Garden, Landscaped, Lawn, Rectangular Lot, Near Public Transit, Park Nearby, Yard
Parking Features
Direct Garage Access, Driveway, Concrete, Paved, Driveway Level, Garage
Parking Spots
6.00
Pool Features
None
Sewer
Sewer Paid
Spa Features
None
Stories Total
2
Water Source
Private

Financial

Tenant Pays
Electricity, Gas
Utilities
Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

Map

Community

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480 Cherry Avenue
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