718 Chestnut Ave Long Beach, CA 90813
- Apartment buildings
- 6,488 SF
- 0.13 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 718 Chestnut Ave
- Year built
- 1923
- Construction
- WOOD
- Lot size
- 0.13 lot acres
- Property size
- 6,488 SF
- Zone code
- LBPD10
- Property type
- Apartment buildings
- APN
- 7272-019-013
- APU
- 7272019013
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.196
- Latitude
- 33.7758
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
