Property Description

** See Offering Memo in Supplements section ** Beautiful 604 Chestnut Avenue is a charming 11 unit, two-story apartment complex adjacent to dynamic downtown Long Beach. This property features a diverse roster of two studio apartments, seven 1-bedroom apartments, one 1-bedroom apartment with a loft, and one 2- bedroom house.rnrnThe building was constructed in 1918, has a rentable area of approximately, 7,331 SQ/FT, is built on a 5,019 SQ/FT lot, and is in absolutely turn-key condition to generate ample amounts of income from day one. Some of the units are also individually metered for gas and electricity.rnrnThe property has been substantially improved by its current owner who has owned it for over 6 years. During that time, the current owner has invested a total of over $146,000 in capital expenditures to the property, completing major renovations on 8 of 11 units and putting an additional $64k+ into the building exterior.rnrnThese improvements have yielded an increase of the annual rent roll from $104,808 in 2015 to $176,688 today (a 68% increase).rnThe property is being offered at a price of $2,500,000, which is an attractive 14.04 multiple of current gross rents (12.88 X on market rents) and a Cap Rate on current rents of 4.42% (5.01% on market rents).

Features
: See remarks
: See remarks
2
: Gas & Electric Dryer Hookup, Electric Dryer Hookup
0
: Sidewalks, Urban
: See Remarks
Additional Information
JMS Manage Sell PC
0
PWBURSCO
PB18226
Scott
7272022011
: Standard
Two
32

Multi-Family For Sale

604 Chestnut Avenue, Long Beach, California 90802

7,331 Sqft
$2,400,000
Listing ID #PW21131757
Basic Details
Status : Active
DaysOnMarket : 25
Property Type : Multi-Family
Listing Type : For Sale
Listing ID : PW21131757
Price : $2,400,000
Living Area : 7,331 Sqft
Lot Size : 5,019 Sqft
Year Built : 1918
Price Per Square Foot : $327
Subdivision : Downtown (DT)
ModificationTimestamp : 2021-07-13 14:25:37
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