1471 Chestnut Ave - Apartments FOR SALE


Long Beach, CA 90813- Downtown Long Beach
$1,195,000 USD
310-982-7055
1471 Chestnut Ave, Long Beach, CA for Sale
$1,195,000 USD
Apartments - FOR SALE
1/8
null | 6.2% Cap Rate

1471 Chestnut Ave
Long Beach, CA 90813
Downtown Long Beach


HIGHLIGHTS

  • Convenient location in the Washington neighborhood 1 block from Washington Middle School, currently undergoing a massive $176M reconstruction project.
  • Excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway.
  • Just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 billion.
  • Over 60% of households within 5 miles are renters with an average household income of over $94,000 (CoStar).

OVERVIEW

Cheapest full sized 5 unit in the whole city at only $279/square foot. 100% 2 bedroom units: three with 2 baths, two with 1 bath. Average unit size of over 850 square feet. Skip the smaller properties and go straight to commercial positive leverage with rates in the high 5%'s and a 6.2% cap rate on actual rents. Very strong in-place income at 9.8X GRM on actuals with 13% upside to 8.7X GRM and a market cap rate of 7.4%. Electrical main panels and subpanels replaced in 2000. 3 out of 5 units remodeled and leased in the last 2 years. 5 garages in rear for 1:1 parking ratio.

FOR SALE DETAILS

PRICE

$1,195,000 USD

PRICE/SF

$279 USD /SF

# OF UNITS

5

PRICE/UNIT

$239,000

CAP RATE

6.2%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,770 SF

ZONING

LBR4N

APN/PARCEL ID

7269-040-030

ASK ABOUT THIS PROPERTY

Anthony WalkerBuckingham InvestmentsMore Info
310-982-7055

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Anthony WalkerBuckingham InvestmentsMore Info
310-982-7055

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.