1918 Chestnut Avenue, Long Beach, CA 90806
- $3,250,000
- Sold Price
- $3,250,000
- List Price
- $3,599,000
- Closing Date
- Aug 22, 2023
- Status
- CLOSED
- MLS#
- OC22247751
- Year Built
- 1987
- Lot Size
- 8,150
- Acres
- 0.19
- Lot Location
- Item1115UnitsAcre
- Days on Market
- 268
- Property Type
- Multifamily
- Style
- Contemporary
- Property Sub Type
- Apartment
- Stories
- Three Or More Levels
- Neighborhood
- Wrigley Area (Wr)
Property Description
$400,000 PRICE REDUCTION! ATTENTION INVESTORS and 1031 EXCHANGE BUYERS! POTENTIAL: Premium custom built with excellent floor plans, 12 units in the coastal city of Long Beach. Close to downtown, schools, memorial hospital, shopping and entertainment areas, close to Metro Line, 405 and 710 freeways. Building has over 10,000 sq ft of livable area over its 12 units. Here are 10 reasons why this can be the best investment in Long Beach! 1. More than 56% rental increase potential giving 6.7% Cap Rate (absentee owners). 2. Largest sq ft per unit in the area. 3. Lowest price per sq ft on sold or listed similar properties. 4. Fully secured and gated, with covered 19 car garage (3 uncovered spots). 5. Beautifully large 12 units, with 9 units 2B/2Ba, 1 unit 2B/1B and only 2 units 1B/1Ba. 6. On-site laundry. 7. Most units maintained well & remodeled (see supplement for details). 8. Custom built in 1987 and well maintained (not the 1930's and 40's). 9. Covered balconies, with some having awesome city views. 10. Extremely desirable and low vacancy rental area. Particularly because of secured and covered parking. Excellent 1031 Exchange property for investors who want to become an owner in this city, which currently has over $8B in development occurring. SUBJECT PROPERTY IS A 1031 EXCHANGE, NEW PROPERTIES ARE IDENTIFIED.
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Additional Information
- Pool Description
- None
- View
- City Lights
- Exterior Construction
- Stucco, Wood Siding
- Roof
- Composition, Shingle
- Garage Spaces Total
- 19
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Detached
- Number Of Units Total
- 12
- Gross Scheduled Income
- $203,400
- Operating Expense
- 65468
Listing courtesy of Listing Agent: Mike Sadeghi (mikes@pridemarkgroup.com) from Listing Office: Pridemark Group.
Listing sold by Avinash Narang from BRC Advisors BH
Mortgage Calculator
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.