604 Chestnut Avenue, Long Beach, CA 90802

$2,400,000
List Price
$2,400,000
Price Change
▼ $100,000 1626231261
Status
ACTIVE
MLS#
PW21131757
Year Built
1918
Lot Size
5,019
Acres
0.12
Lot Location
Item1115UnitsAcre
Days on Market
45
Property Type
Multifamily
Style
Other
Stories
Two Levels
Neighborhood
Downtown (Dt)

Property Description

** See Offering Memo in Supplements section ** Beautiful 604 Chestnut Avenue is a charming 11 unit, two-story apartment complex adjacent to dynamic downtown Long Beach. This property features a diverse roster of two studio apartments, seven 1-bedroom apartments, one 1-bedroom apartment with a loft, and one 2- bedroom house. The building was constructed in 1918, has a rentable area of approximately, 7,331 SQ/FT, is built on a 5,019 SQ/FT lot, and is in absolutely turn-key condition to generate ample amounts of income from day one. Some of the units are also individually metered for gas and electricity. The property has been substantially improved by its current owner who has owned it for over 6 years. During that time, the current owner has invested a total of over $146,000 in capital expenditures to the property, completing major renovations on 8 of 11 units and putting an additional $64k+ into the building exterior. These improvements have yielded an increase of the annual rent roll from $104,808 in 2015 to $176,688 today (a 68% increase). The property is being offered at a price of $2,500,000, which is an attractive 14.04 multiple of current gross rents (12.88 X on market rents) and a Cap Rate on current rents of 4.42% (5.01% on market rents).

Additional Information

Pool Description
None
Heat
See Remarks
Cooling
Yes
Cooling Description
SeeRemarks
Roof
See Remarks
Sewer
Public Sewer
Water
Public
Number Of Units Total
11
Gross Scheduled Income
$178,013
Operating Expense
62108

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Scott Burns from JMS Manage Sell PC

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.