1027 Chestnut Avenue

    Long Beach, CA 90813
    • $1,388,000
    • STATUS: Active
    • ON SITE: 85 days
    • ID#: RS18093079
    UPDATED: 42 min ago
    $1,388,000
    • 0
      BEDS
    • 0.23
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 3,138
      SQFT
    • $442
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1923
    County:

    School Ratings & Info

    Description

    Incredible value add opportunity in the heart of Downtown Long Beach's "Drake Park" neighborhood. Roughly 25% upside in monthly income and a 6.68% cap rate at market rents. Three Buildings: (1) 3 Bed / 2 bath detached house, (5) - Studios and (2) - Studios above a 3 car garage. Unit 1027 was just remodeled with two-tone paint, vinyl plank floors, granite counters & updated fixtures and will be rented for $1095. Some units are modestly updated including new kitchen & bathroom tiling, refinished original hardwood flooring and crown molding in the detached house, new gas ranges and two-tone interior paint.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-07-18T19:31:20.047. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.playavistaliving.com/homes/82851653

    1027 Chestnut Avenue Long Beach, CA 90813

    • Price: $1,388,000
    • Status: Active
    • Updated: 42 min ago
    • ID#: RS18093079
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.23
    Acres
    3,138
    SQFT
    $442
    $/SQFT
    1923
    Built
    Neighborhood:
    Drake Park (Dp)
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    Incredible value add opportunity in the heart of Downtown Long Beach's "Drake Park" neighborhood. Roughly 25% upside in monthly income and a 6.68% cap rate at market rents. Three Buildings: (1) 3 Bed / 2 bath detached house, (5) - Studios and (2) - Studios above a 3 car garage. Unit 1027 was just remodeled with two-tone paint, vinyl plank floors, granite counters & updated fixtures and will be rented for $1095. Some units are modestly updated including new kitchen & bathroom tiling, refinished original hardwood flooring and crown molding in the detached house, new gas ranges and two-tone interior paint.
    Exterior Features

    Garage Spaces 3.00 Lot Features Lot 6500-9999Lot-Level/FlatNear Public TransitPaved Lot Size Source Assessor Lot Size Units Square Feet Parking Total 3.00 Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area 300 Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area 1038 Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features NoneWasher Hookup Levels One

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 4.81 Community Features CurbsGuttersSidewalksStorm DrainsStreet LightingUrban Country Us Electric Expense 20.00 Elevation Units Feet Fuel Expense 742.00 Gardener Expense 780.00 Gross Income 102660.00 Gross Multiplier 13.61 Gross Operating Income 98940.00 Gross Scheduled Income 102000.00 Insurance Expense 2362.00 Land Lease YN No Maintenance Expense 6500.00 Net Operating Income 66823.00 New Taxes Expense 18005.00 Number Of Separate Electric Meters 11 Number Of Separate Gas Meters 11 Number Of Separate Water Meters 1 Number Of Units Leased 8 Operating Expense 32117.00 Operating Expense Percent 32.00 Other Expense 780.00 Other Expense Description Pest Pest Control Expense 960.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Special Listing Conditions Standard Subdivision Name Other Drake Park (Dp) Supplies Expense 910.00 Tax Annual Amount 18005.00 Tax Year 2018 Taxes Percent 1.22 Tenant Pays ElectricityGardener Total Actual Rent 8500.00 Total Expenses 32117.00 Trash Expense 456.00 Vacancy Allowance 3060 Vacancy Allowance Rate 3.00 Water Sewer Expense 1381.00 Water Source Public Year Built Source Assessor Zoning Lbpd10

    Listing provided courtesy of Andrew Mcallister of Nationwide Real Estate Execs.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-07-18T19:31:20.047. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
     
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