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Listing Details

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On Site
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On Market
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School Ratings & Info

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).

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-21T12:27:12.83. 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 deemed reliable but is not guaranteed accurate by the MLS or Latrice Deluna Homes | The Orion Group. Licensed in the State of California, USA.
www.findorangecountyhomelistings.com/homes/118504030
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604 Chestnut Avenue Long Beach, CA 90802

  • Price: $2,375,000
  • Status: Active
  • Updated: 58 min ago
  • ID#: PW21131757
0
Beds
0
Baths
0
½ Baths
0.12
Acres
1918
Built
Neighborhood:
Downtown (Dt)
County:
Los Angeles
Area:
4 - Downtown Area, Alamitos Beach
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).
Exterior Features

Architectural Style Other Lot Features 11-15 Units/Acre Number Of Separate Electric Meters 5 Parking Total 0 Pool Features None Pool Private YN No Property Attached YN Yes Roof See Remarks Spa Features None Spa YN No

Interior Features

Common Walls 2+ Common Walls Cooling See Remarks Cooling YN Yes Heating See Remarks Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.42 Common Interest None Community Features SidewalksUrban Electric Expense 3000 Fuel Expense 0 Garage YN No Gross Income 110564 Gross Scheduled Income 178013 Insurance Expense 4800 Land Lease YN No Laundry Features Electric Dryer HookupGas Dryer Hookup Levels Two Listing Agreement Exclusive Right To Sell Listing Service Entry Only Listing Terms CashConventional1031 Exchange Net Operating Income 110564 New Construction YN No Number Of Separate Gas Meters 5 Number Of Separate Water Meters 0 Number Of Units Leased 11 Operating Expense 62108 Possession Close Of Escrow Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays See Remarks Total Actual Rent 13682 Trash Expense 1000 Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Vacancy Allowance 5340 Water Sewer Expense 4500 Water Source Public Zoning Lbpd10

Listing provided courtesy of Scott Burns of Jms Manage Sell Pc


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-21T12:27:12.83. 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 deemed reliable but is not guaranteed accurate by the MLS or Latrice Deluna Homes | The Orion Group. Licensed in the State of California, USA.
 
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Latrice Deluna Homes | The Orion Group
4533 MacArthur Blvd Ste 5074
Newport Beach CA, 92660