1471 Chestnut, Long Beach, CA 90813

REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your advisor will contact you to discuss available opportunities.

In-PersonVirtual Tour

Sun

Oct

Mon

Oct

Tue

Oct

Glen Henderson

[email protected] +1(619) 889-7646

$1,195,000

Est. payment - /mo

8 Beds

4,768 Sqft Lot

Save

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active Under Contract

Purchase Type For Sale

Subdivision Downtown (Dt)

MLS Listing ID SB25233625

Bedrooms 8

Lot Size 4,768 Sqft

Property Sub-Type Res Income 2-4 Units

Property Type Res Income 2-4 Units

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

Zoning Appraiser

Direction West side of Chestnut, South of 15th St

Interior

Fireplace No

Exterior

View Y/N No

Building

Story 2

Level or Stories 2

Others

Tax ID 7269040030

Read Less Info

Listed by Anthony Walker Buckingham Investments, Inc

Get More Information

Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

San Diego Communities

1471 Chestnut Long Beach, CA 90813

Glen Henderson

Key Details

Location

Interior

Exterior

Building

Others

Get More Information