1070 Chestnut Avenue, Long Beach, CA 90813

$3,500,000
List Price
$3,500,000
Status
ACTIVE
MLS#
OC22101403
Year Built
1956
Lot Size
7,477
Acres
0.1716
Lot Location
Item1115UnitsAcre, Level, Rectangular Lot
Days on Market
46
Property Type
Multifamily
Property Sub Type
Apartment
Stories
Two Levels
Neighborhood
North Long Beach (Nlb)

Property Description

One Building with twelve (12), One (1) bedroom and one (1) bathroom apartments. Each apartment unit is rented out at about $1,500 per unit. The total rental income of the 12 unites @ current $1,500 is $18,000 per month. One unit gets a $500 discount (minus) for helping out with the property and the washer dryer income is about $500 (plus). So again, the total income is around $18,000 per month currently. Some upgrades have been done to the property since it was purchased a few years back. Six (6) units are on the ground floor and Six (6) units are upstairs. Parking is in the back and on a first come, first serve basis. Each apartment unit has separate utilities and they have separate water, gas and electric bills. Each tenant pays for their own utilities. Great location and just a couple of miles from the Pacific Ocean, great ocean breeze. Easy Access from multiple roads and lots of amenities to enjoy.

Additional Information

Pool Description
None
Heat
See Remarks
Cooling Description
None
View
Trees/Woods
Exterior Construction
Stucco
Sewer
Public Sewer
Water
Public
Interior Features
AllBedroomsUp, AllBedroomsDown, BedroomonMainLevel, MainLevelMaster
Attached Structure
Attached
Number Of Units Total
12
Gross Scheduled Income
$216,000
Operating Expense
6000

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Listing Agent: Herbie Zadeh from Listing Office: First Team Real Estate

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.