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

Welcome to the vibrant Downtown Area of Long Beach, California, where urban charm meets coastal allure! Nestled along the picturesque shores of Alamitos Beach, this dynamic neighborhood is a true gem in Los Angeles County. With its stunning ocean views, bustling nightlife, and rich cultural scene, Downtown Long Beach is the perfect place for those seeking a lively and engaging lifestyle.

Alamitos Beach, a beloved section of this downtown enclave, boasts a laid-back atmosphere complemented by beautiful sandy shores and a welcoming community. Residents can enjoy leisurely strolls along the beach, indulge in local eateries, or explore nearby parks and recreational spots. The area is known for its artistic vibe, featuring galleries, theaters, and a variety of events that celebrate the local culture.

For those considering a home in this desirable locale, many properties offer the convenience of shared driveway parking. This feature is particularly beneficial in a bustling urban setting, providing residents with easy access to their vehicles while maximizing space. Whether you’re a busy professional, a growing family, or a first-time homebuyer, these homes with shared driveway parking offer both practicality and comfort.

Experience the best of coastal living and urban excitement in Downtown Long Beach’s Alamitos Beach. With its unique blend of amenities, stunning views, and a strong sense of community, this area is not just a place to live; it’s a place to thrive. Discover your dream home today and embrace the vibrant lifestyle that awaits you!

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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