Downtown Area, Alamitos Beach (4) Homes with Shared Driveway Parking features

Welcome to the vibrant Downtown Area of Long Beach, where urban sophistication meets coastal charm. Nestled in the heart of Los Angeles County, this dynamic neighborhood is a true gem of Southern California. Known for its stunning waterfront views, eclectic dining options, and a rich cultural scene, Downtown Long Beach offers an unparalleled lifestyle for residents and visitors alike.

Just a stone’s throw away, you’ll find the picturesque Alamitos Beach, a favorite among sun-seekers and outdoor enthusiasts. This inviting stretch of coastline boasts sandy shores, scenic bike paths, and a lively atmosphere perfect for beach volleyball or a relaxing day by the ocean. The area is also home to a variety of parks and green spaces, ideal for picnics or leisurely strolls along the waterfront.

When it comes to housing, the Downtown Area and Alamitos Beach offer a diverse array of options, including charming homes with shared driveway parking. This feature is not only practical but also enhances the sense of community, allowing neighbors to connect while maximizing space in this bustling urban environment. Whether you’re looking for a cozy bungalow or a modern condo, you’ll find a home that suits your lifestyle.

With its perfect blend of city life and beach vibes, Downtown Long Beach and Alamitos Beach are more than just places to live—they’re vibrant communities where every day feels like a vacation. Discover the allure of this remarkable region and immerse yourself in the best that Southern California has to offer!

Newest Downtown Area, Alamitos Beach (4) Homes with Shared Driveway Parking features

$1,050,000

2 Beds ⋅ 6 Baths ⋅ 26676253 MLS ⋅ Active Status

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 6.42% current cap rate with immediate upside on the table. Offered at $1,100,000, $183,333 per unit and $397 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 $70,569 with a clear path to $92,263 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 8.45 and the cap rate expands to 8.39%, 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.

1081 Cherry Avenue, Long Beach

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