Description

Offering a rare half-acre development assemblage in Long Beach’s vibrant Mid-Cities submarket, 6819 Cherry Avenue & 1901 E 68th Street presents an exceptional RMU-4A zoned opportunity for multifamily or mixed-use redevelopment. The site features direct frontage and curb cuts on both Cherry Avenue and East 68th Street, delivering high visibility, seamless ingress/egress and strong street presence. Zoned to support a broad range of residential densities, this property is ideally positioned to capitalize on Southern California’s sustained housing demand and proximity to major transit corridors, retail centers and employment hubs.

Priced at $2,350,000 ($106.21 per square foot / $4,700,000 per acre), the offering provides immediate income with in-place annual rents totaling $61,800 and a current net operating income of $27,100. The resulting in-place cap rate of 1.15% and 38.03 GRM underscore the holding yield, while significant upside exists through densification or redevelopment under the RMU-4A zoning ordinance. Investors can leverage short-term cash flow while planning for long-term value creation in one of Long Beach’s highest-barrier markets.

Located within a rapidly evolving submarket, this site benefits from Long Beach’s expanding multifamily pipeline, robust demographic trends and strong rental fundamentals. Surrounded by established residential neighborhoods, popular retail corridors and multimodal transit connections, the property offers unparalleled value for owner-users and institutional investors seeking a strategic development parcel in a transit-oriented, amenity-rich environment.