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    718 Chestnut Ave Long Beach, CA 90813

    Sponsored
    For Sale
    $3,650,000

    17-Unit Apartment Building, Turnkey

    Property size:
    6,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    395
    This exceptional 17-unit apartment building in Long Beach, California, presents a compelling investment opportunity. Located at 718 Chestnut Avenue, this two-story property boasts 6,500 square feet on a 5,742 square foot lot (APN 7272-019-013). Built in 1923, the property has undergone significant renovations, including a new roof, updated electrical and plumbing systems, new cabinets, fixtures, windows, granite countertops, and durable tile flooring in all units. Each unit is equipped with a refrigerator. A security camera system enhances safety. The property currently generates a Net Operating Income (NOI) of $194,151, representing a 5.32% capitalization rate and a Gross Rent Multiplier (GRM) of 11.64 based on current rents. A pro-forma NOI of $223,864 projects a 6.13% cap rate. Eight units are subject to an affordable rent covenant with the City of Long Beach, expiring in July 2030. Detailed city covenants are available for review. The asking price is $3,650,000, or $214,705.88 per unit. This turnkey property is situated in the Willmore neighborhood and offers potential for individual purchase or combination with other available affordable housing properties.

    Property Features for 718 Chestnut Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,500 SF

    Building Details

    Year Built
    1923
    Stories
    2
    Units
    17

    HighLights

    • Turnkey 17‑unit apartment building with updated systems including roof, electrical, plumbing, cabinets, fixtures, windows, granite countertops, and tile flooring.
    • 5.32% Cap Rate / 11.64 GRM; Pro‑forma NOI of $223,864 projects a 6.13% cap rate.
    • Potential for individual purchase or combination with other affordable housing properties at 1228 Raymond Avenue and/or 908 Martin Luther King Blvd.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Law Firm Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Long Beach
    County
    Los Angeles
    State
    California
    Longitude
    -118.1960737
    Latitude
    33.7758124

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    FAQs

    What type of property is this?
    Multifamily property - 17-Unit Apartment Building, Turnkey
    Where is this multifamily property located?
    The property is located at 718 Chestnut Ave Long Beach, CA.
    What is the asking price?
    The asking price for this property is $3,650,000.
    What are key features of this property?
    This property features: Turnkey 17-unit apartment building with updated systems including roof, electrical, plumbing, cabinets, fixtures, windows, granite countertops, and tile flooring.; 5.32% Cap Rate / 11.64 GRM; Pro-forma NOI of $223,864 projects a 6.13% cap rate.; Potential for individual purchase or combination with other affordable housing properties at 1228 Raymond Avenue and/or 908 Martin Luther King Blvd.
    Request Owner's contact information
    718 Chestnut Ave Long Beach, CA 90813
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    Long Beach, CA 90813
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    718 Chestnut Ave Long Beach, CA 90813
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