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.
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
See this Listing
Mortgage Calculator
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
- Address480 Cherry Avenue Long Beach CA
- Area2 – Belmont Heights, Alamitos Heights
- SubdivisionAlamitos Heights (AH)
- CityLong Beach
- CountyLos Angeles
- Zip Code90802
Similar Listings Nearby
- 958 E 2nd Street
Long Beach, CA$1,625,000
0.85 miles away
- 132 St Joseph Avenue
Long Beach, CA$1,625,000
1.92 miles away
- 4112 E 5th Street
Long Beach, CA$1,600,000
1.32 miles away
- 788 Molino Avenue
Long Beach, CA$1,600,000
0.45 miles away
- 1965 Saint Louis Avenue
Signal Hill, CA$1,595,000
1.37 miles away
- 660 Obispo Avenue
Long Beach, CA$1,595,000
0.76 miles away
- 4110 E Vermont Street
Long Beach, CA$1,575,000
1.32 miles away
- 669 Quincy Avenue
Long Beach, CA$1,550,000
1.59 miles away
- 1030 Myrtle Avenue
Long Beach, CA$1,550,000
0.92 miles away
- 664 Stanley Avenue
Long Beach, CA$1,500,000
0.33 miles away

480 Cherry Avenue
Long Beach, CA
LIGHTBOX-IMAGES