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    636 Chestnut Ave

    Long Beach, CA 90802
    • $7,050,000
    • STATUS: Active
    • ON SITE: 11 days
    • MLS #: 21-745210
    UPDATED: 67 min ago
    $7,050,000
    • 26
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 17,718
      SQFT
    • $398
      $/SQFT
    Type:
    Multi-Family
    Built:
    1922
    County:

    School Ratings & Info

    Description

    33 units located blocks from Downtown Long Beach in the Historic District. All units were completely redone in 2018/2019 and are beautifully remodeled. The interior hallways were redone as well and the Seller spent over $600K on CAP EX. No work remains to be done. The building is a three-story walkup with no onsite parking, however, there are parking structures within blocks that tenants can rent from. The building also features onsite laundry in the basement. The building offers and excellent unit mix of Studio and 1 bedroom units. The property is Professionally Managed and very well maintained and features onsite laundry. It features a Walk score of 95 and is located just blocks from the bars and restaurants in Downtown Long Beach on Pine Ave. Downtown Long Beach is in the middle of an $8BB Redevelopment with brand new Class A apartments and retail being developed within blocks of this location. This property can be purchased individually or with 19 units located at 444 Chestnut being sold by the same Owner. Excellent financing is available through One United Bank which is offering a 5 year fixed, 5 years of I/O at 2.95% to qualified Buyers. The property will generate over an 8% cash on cash return against in place rents with upside to a 4.9% CAP. Contact LA for more info. Download PDF for a Rent Roll

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-06-19T15:42:46.387. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.desertarealuxuryhomes.com/homes/117992652
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    636 Chestnut Ave Long Beach, CA 90802

    • Price: $7,050,000
    • Status: Active
    • Updated: 67 min ago
    • MLS #: 21-745210
    26
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    17,718
    SQFT
    $398
    $/SQFT
    1922
    Built
    Neighborhood:
    Downtown Area, Alamitos Beach
    County:
    Los Angeles
    Area:
    Downtown Area, Alamitos Beach
    Property Description
    33 units located blocks from Downtown Long Beach in the Historic District. All units were completely redone in 2018/2019 and are beautifully remodeled. The interior hallways were redone as well and the Seller spent over $600K on CAP EX. No work remains to be done. The building is a three-story walkup with no onsite parking, however, there are parking structures within blocks that tenants can rent from. The building also features onsite laundry in the basement. The building offers and excellent unit mix of Studio and 1 bedroom units. The property is Professionally Managed and very well maintained and features onsite laundry. It features a Walk score of 95 and is located just blocks from the bars and restaurants in Downtown Long Beach on Pine Ave. Downtown Long Beach is in the middle of an $8BB Redevelopment with brand new Class A apartments and retail being developed within blocks of this location. This property can be purchased individually or with 19 units located at 444 Chestnut being sold by the same Owner. Excellent financing is available through One United Bank which is offering a 5 year fixed, 5 years of I/O at 2.95% to qualified Buyers. The property will generate over an 8% cash on cash return against in place rents with upside to a 4.9% CAP. Contact LA for more info. Download PDF for a Rent Roll
    Exterior Features

    Lot Size Area 7506 Other Structures None Parking Garage None Total Parking 0

    Interior Features

    Baths Total 33.00 Cooling None Equipment Ceiling Fan Heating Wall Electric

    Property Features

    Assessed Total Value 5451550 Gross Income 533000 Gross Operating Income 533000 Like Units1 26 Like Units2 7 Net Operating Income 327000.00 Number Of Buildings 1 Number Of Units 33 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 190000 Type Of Units Income Year Built Source Vendor Enhanced Zoning Lbpd10

    Listing provided courtesy of Jonathan Swire DRE#01336277 of The Agency.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-06-19T15:42:46.387. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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