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5505 Cherry Ave 17 Unit Apartment Building $3,000,000 ($176,471/Unit) 5.17% Cap Rate Long Beach, CA 90805
Investment Highlights
- Location & Scale: 17-unit multifamily investment property in Long Beach, CA.
- Property Size: 9,250 net rentable square feet situated on a 0.28-acre parcel.
- Tenant Amenities: Gated access, security doors, ceiling fans, and on-site laundry.
- Strong Unit Mix: Predominantly one-bedroom units (15 1BD/1BA, 1 2BD/1BA, 1 Studio).
- Recent Cap Ex: $85,000 in major capital improvements completed in 2025.
- Parking & Grounds: 13 on-site parking spaces and a spacious, walk-up central courtyard.
Executive Summary
The Leeson Group of Marcus & Millichap is pleased to present 5503 - 5511 Cherry Avenue, a 17-unit multifamily investment opportunity in Long Beach, California. Constructed in 1960, the two-story, gardenstyle property features approximately 9,250 net rentable square feet on a 0.28-acre parcel. The community is arranged around a spacious central courtyard, with exterior walk-up access to the second-floor units.
The property features a unit mix of 1 studio, 15 one-bed/one-bath units, and 1 two-bed/one-bath unit. Community amenities include gated access, security doors, on-site laundry, ceiling fans, a central courtyard, 12 surface parking spaces, and 1 garage space.
Ownership completed approximately $85,000 in capital improvements in 2025, including a $52,000 electrical system upgrade with panel replacements and the $33,000 removal of the former swimming pool and installation of a concrete surface. These improvements strengthened the property’s electrical infrastructure while eliminating the maintenance and operating requirements associated with the former pool.
5503 - 5511 Cherry Avenue offers investors the opportunity to acquire a well-maintained multifamily asset with a predominantly one-bedroom unit mix and recently completed capital improvements.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The property features a unit mix of 1 studio, 15 one-bed/one-bath units, and 1 two-bed/one-bath unit. Community amenities include gated access, security doors, on-site laundry, ceiling fans, a central courtyard, 12 surface parking spaces, and 1 garage space.
Ownership completed approximately $85,000 in capital improvements in 2025, including a $52,000 electrical system upgrade with panel replacements and the $33,000 removal of the former swimming pool and installation of a concrete surface. These improvements strengthened the property’s electrical infrastructure while eliminating the maintenance and operating requirements associated with the former pool.
5503 - 5511 Cherry Avenue offers investors the opportunity to acquire a well-maintained multifamily asset with a predominantly one-bedroom unit mix and recently completed capital improvements.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$289,500
|
$31.30
|
| Other Income |
$2,490
|
$0.27
|
| Vacancy Loss |
$8,685
|
$0.94
|
| Effective Gross Income |
$283,305
|
$30.63
|
| Taxes |
$38,073
|
$4.12
|
| Operating Expenses |
$90,118
|
$9.74
|
| Total Expenses |
$128,191
|
$13.86
|
| Net Operating Income |
$155,114
|
$16.77
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $289,500 |
| Annual Per SF | $31.30 |
| Other Income | |
|---|---|
| Annual | $2,490 |
| Annual Per SF | $0.27 |
| Vacancy Loss | |
|---|---|
| Annual | $8,685 |
| Annual Per SF | $0.94 |
| Effective Gross Income | |
|---|---|
| Annual | $283,305 |
| Annual Per SF | $30.63 |
| Taxes | |
|---|---|
| Annual | $38,073 |
| Annual Per SF | $4.12 |
| Operating Expenses | |
|---|---|
| Annual | $90,118 |
| Annual Per SF | $9.74 |
| Total Expenses | |
|---|---|
| Annual | $128,191 |
| Annual Per SF | $13.86 |
| Net Operating Income | |
|---|---|
| Annual | $155,114 |
| Annual Per SF | $16.77 |
Property Facts
| Price | $3,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $176,471 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 5.17% | Building Size | 9,250 SF |
| Gross Rent Multiplier | 10.27 | No. Stories | 2 |
| No. Units | 17 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 1.41/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LBCCA | ||
| Price | $3,000,000 |
| Price Per Unit | $176,471 |
| Sale Type | Investment |
| Cap Rate | 5.17% |
| Gross Rent Multiplier | 10.27 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 9,250 SF |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.41/1,000 SF |
| Zoning | LBCCA |
Amenities
Site Amenities
- Courtyard
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 400 |
| 1+1 | 15 | - | 535 |
| 2+1 | 1 | - | 825 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 7128-031-002 | Total Assessment | $338,522 (2025) |
| Land Assessment | $76,211 (2025) | Annual Taxes | $38,073 ($4.12/SF) |
| Improvements Assessment | $262,311 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
7128-031-002
Land Assessment
$76,211 (2025)
Improvements Assessment
$262,311 (2025)
Total Assessment
$338,522 (2025)
Annual Taxes
$38,073 ($4.12/SF)
Tax Year
2026 Payable 2026
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