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1471 Ave Chestnut, Long Beach, CA 90813

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For Sale
Sale Pending

$1,195,000

10 beds • 8 baths • 4,276 sqft

Estimated Payment

$      /mo. †

APR for 30 years

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  • Multi-Family (2-4 Units)
    Property type

  • $279.47
    Price per square foot

  • Over 50 Years Old
    Age

Explore this Property

Cheapest full sized 5 unit in the whole city at only $279/square foot. 100% 2 bedroom units: three with 2 baths, two with 1 bath. Average unit size of over 850 square feet. Skip the smaller properties and go straight to commercial positive leverage with rates in the high 5%'s and a 6.2% cap rate on actual rents. Very strong in-place income at 9.8X GRM on actuals with 13% upside to 8.7X GRM and a market cap rate of 7.4%. Electrical main panels and sub-panels replaced in 2000. 3 out of 5 units remodeled and leased in the last 2 years. 5 garages in rear for 1:1 parking ratio. Convenient location in the Washington neighborhood 1 block from Washington Middle School, currently undergoing a massive $176M reconstruction project. Excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 billion. Over 60% of households within 5 miles are renters with an average household income of over $94,000 (CoStar).
MLS# SB25233625

Courtesy Of Buckingham Investments, Inc.

(310) 982-7055

Property Features

  • Age
    Over 50 Years Old
  • Architecture Style
    Other

Map and Directions

Directions to 1471 Ave Chestnut, Long Beach, CA 90813

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.