480 Cherry Ave., Long Beach, California 90802, Long Beach, 90802 - bed, bath
ACTIVE$1,375,000
480 Cherry Ave., Long Beach, California 90802
0Bed
0Bath
3,642Sqft
6,276Lot
Year Built
1930
Close
-
List price
$1.38M
Original List price
$1.38M
Price/Sqft
$378
HOA
-
Days on market
-
Sold On
-
MLS number
OC25221483
Home ConditionPoor
Features
Patio
View-
About this home
Possibly Over-Priced:The estimated price is 13% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.38M(73th), sqft - 3642(73th), beds - undefined(50th), baths - undefined(50th).
Exclusive listing in Long Beach's 90802 area. This 3-unit triplex offers two 2-bedroom/1-bath units and one 1-bedroom/1-bath unit with a patio and gazebo. The property includes parking for at least six vehicles and is located near 4th Street and Retro Row. Each unit is separately metered for utilities. The building is eligible for the Mills Act, offering property tax benefits.
Nearby schools
6/10
Burbank Elementary School
Public,•K-5•0.2mi
7/10
Stevenson Elementary School
Public,•K-5•0.9mi
6/10
Franklin Classical Middle School
Public,•6-8•0.6mi
7/10
Jefferson Leadership Academies School
Public,•6-8•1.1mi
6/10
Polytechnic High School
Public,•9-12•1.4mi
6/10
Wilson High School
Public,•9-12•1.5mi
Price History
Date
Event
Price
09/21/25
Listing
$1,375,000
09/08/03
Sold
$485,000
07/01/98
Sold
$178,500
Condition Rating
Poor
Built in 1930, this property shows significant age with no evidence of recent major renovations. The kitchen features very dated white appliances, laminate countertops, older cabinets, and linoleum flooring, requiring a full renovation. Bathrooms are similarly outdated with old vanities, fixtures, and tile work, also needing complete renovation. Light fixtures throughout are old-fashioned. While the hardwood floors appear maintained, the overall aesthetic and functional components of key areas are well past their prime, suggesting any significant updates occurred 30-50 years ago. The property requires substantial rehabilitation to meet modern living standards, particularly in the kitchen and bathrooms, and likely includes major system updates not visible in the photos.
Pros & Cons
Pros
Income-Generating Triplex: The property is a 3-unit triplex, offering multiple revenue streams and a diversified investment portfolio.
Mills Act Eligibility: Eligibility for the Mills Act provides significant property tax benefits, enhancing the investment's long-term profitability.
Prime Location: Located in Long Beach's desirable 90802 area, near '4th Street and Retro Row,' indicating high rental demand and potential for appreciation.
Ample Parking: Includes parking for at least six vehicles, a valuable and often scarce amenity in an urban environment.
Separately Metered Utilities: Each unit is separately metered for utilities, reducing landlord operational burden and costs.
Cons
Historic Age (Built 1930): The property's age suggests potential for significant capital expenditures on outdated systems (plumbing, electrical, HVAC) and higher ongoing maintenance costs.
Undisclosed Interior Condition: The description lacks details on recent renovations or unit upgrades, implying interiors may be dated and require investment to achieve market-rate rents and attract modern tenants.
Potential for Higher Operating Costs: Older buildings often have lower energy efficiency and may require more frequent repairs, potentially impacting net operating income.