718 Chestnut Ave Long Beach, CA 90813
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17-Unit Apartment Building, Turnkey
Property size:
6,500 SFProperty 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
Listing Agent: Robert Stepp
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
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 Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial real estate
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.
