CA > Long Beach > Downtown (Dt)
Long Beach, CA 90813,1471 Chestnut
Long Beach, CA 90813,1471 Chestnut
Long Beach, CA 90813,1471 Chestnut
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$1,195,000
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4,769 Sqft Lot
Active Under Contract

1471 Chestnut Long Beach, CA 90813

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Patrick Fossati

Patrick Fossati

+1(805) 910-0463

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Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active Under Contract

Purchase Type For Sale

Subdivision Downtown (Dt)

MLS Listing ID SB25233625

HOA Y/N No

Year Built 1925

Lot Size 4,769 Sqft

Property Sub-Type Apartment

Property Description

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 sub-panels 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.

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).

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Interior

Cooling None

Fireplaces Type None

Fireplace No

Laundry None

Exterior

Parking Features Garage Faces Rear

Garage Spaces 5.0

Garage Description 5.0

Fence Wrought Iron

Pool None

Community Features Suburban

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

View Y/N No

View None

Roof Type Flat

Total Parking Spaces 5

Private Pool No

Building

Lot Description Rectangular Lot

Faces East

Story 2

Entry Level Two

Foundation Raised

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7269040030

Energy Description 1398.0

Acceptable Financing Cash to New Loan

Listing Terms Cash to New Loan

Special Listing Condition Standard

CRMLS – RECore
Listed by Anthony Walker Buckingham Investments, Inc 310-561-4776

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Patrick Fossati

Patrick Fossati

Broker Associate | License ID: 01907255

+1(805) 910-0463

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