CA > Long Beach > Downtown (Dt)
Long Beach, CA 90813,1471 Chestnut
Long Beach, CA 90813,1471 Chestnut
Long Beach, CA 90813,1471 Chestnut
7
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$1,195,000
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8 Beds
4,768 Sqft Lot
Active Under Contract

1471 Chestnut Long Beach, CA 90813

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Kurt Wannebo

Kurt Wannebo

+1(858) 405-5878

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 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

MLS Router / San Diego MLS
Listed by Anthony Walker Buckingham Investments, Inc

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Kurt Wannebo

Kurt Wannebo

Broker Associate | CA Dre# 01468255

+1(858) 405-5878

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1471 Chestnut

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