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9 Units in North Alamitos Beach (Long Beach) 555 Cherry Ave 9 Unit Apartment Building $2,240,000 ($248,889/Unit) 5.50% Cap Rate Long Beach, CA 90802
Investment Highlights
- 8.02% Market CAP Rate
- 0.70 miles to the Beach
- Parking includes 5 Single-Car Garages, and 5 Open Spaces
- All New Electrical Main & Subpanels currently being Installed
- Approximately 31% +/- Upside
- No local rent control (only to AB 1482)
Executive Summary
555 Cherry Avenue is located on the northern end of Alamitos Beach near Belmont Heights, Retro Row, and the Zaferia District—one of Long Beach’s strongest rental pockets. Offered for the first time in over 50 years, the property operates at a 5.50% CAP rate on current rents with the potential to achieve an 8.0%+ CAP rate through modest rent increases. All new main and sub electrical panels are currently being installed, minimizing near-term capital expenses. With strong in-place income, clear upside, and a prime coastal location, this presents an outstanding investment opportunity and exceptional value for investors seeking both stability and growth.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$182,076
|
$22.20
|
| Other Income |
$3,972
|
$0.48
|
| Vacancy Loss |
$5,581
|
$0.68
|
| Effective Gross Income |
$180,467
|
$22.01
|
| Taxes |
$28,428
|
$3.47
|
| Operating Expenses |
$28,931
|
$3.53
|
| Total Expenses |
$57,359
|
$7.00
|
| Net Operating Income |
$123,108
|
$15.01
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $182,076 |
| Annual Per SF | $22.20 |
| Other Income | |
|---|---|
| Annual | $3,972 |
| Annual Per SF | $0.48 |
| Vacancy Loss | |
|---|---|
| Annual | $5,581 |
| Annual Per SF | $0.68 |
| Effective Gross Income | |
|---|---|
| Annual | $180,467 |
| Annual Per SF | $22.01 |
| Taxes | |
|---|---|
| Annual | $28,428 |
| Annual Per SF | $3.47 |
| Operating Expenses | |
|---|---|
| Annual | $28,931 |
| Annual Per SF | $3.53 |
| Total Expenses | |
|---|---|
| Annual | $57,359 |
| Annual Per SF | $7.00 |
| Net Operating Income | |
|---|---|
| Annual | $123,108 |
| Annual Per SF | $15.01 |
Property Facts
| Price | $2,240,000 | Apartment Style | Low-Rise |
| Price Per Unit | $248,889 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.50% | Building Size | 5,793 SF |
| Gross Rent Multiplier | 12.04 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.73/1,000 SF |
| Zoning | LBR1N | ||
| Price | $2,240,000 |
| Price Per Unit | $248,889 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 12.04 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 5,793 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.73/1,000 SF |
| Zoning | LBR1N |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $1,863 | 800 |
| 1+1 | 6 | $1,597 | 565 |
1 1
Walk Score®
Walker's Paradise (96)
Bike Score®
Very Bikeable (88)
Property Taxes
| Parcel Number | 7266-024-010 | Total Assessment | $188,726 |
| Land Assessment | $30,860 | Annual Taxes | $28,428 ($4.91/SF) |
| Improvements Assessment | $157,866 | Tax Year | 2025 |
Property Taxes
Parcel Number
7266-024-010
Land Assessment
$30,860
Improvements Assessment
$157,866
Total Assessment
$188,726
Annual Taxes
$28,428 ($4.91/SF)
Tax Year
2025
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9 Units in North Alamitos Beach (Long Beach) | 555 Cherry Ave
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