2024 Chestnut Avenue

Long Beach, CA 90806

$1,350,000
Price
12
Beds
5
Baths
3,692 Sq. Ft.
$366 / Sq. Ft.
3,692
Sq. Ft.
$366
per Sq. Ft.

Description

Just reduced! Large 5 unit building with (3) 3-Bed Units, (1) Large 2-Bed Unit, and (1) 1-bed unit in the excellent neighborhood of South Wrigley. The building is conveniently located less than a mile from the 710 Freeway, less than 2 miles from the 405, and just 2 miles North of the beach. Attractive residential tree-lined street. The property is priced to sell at 10.86 GRM and a current cap rate of 5.66%. There is approximately 7% upside in income to a market cap rate of 6.3%. It has fresh exterior...Just reduced! Large 5 unit building with (3) 3-Bed Units, (1) Large 2-Bed Unit, and (1) 1-bed unit in the excellent neighborhood of South Wrigley. The building is conveniently located less than a mile from the 710 Freeway, less than 2 miles from the 405, and just 2 miles North of the beach. Attractive residential tree-lined street. The property is priced to sell at 10.86 GRM and a current cap rate of 5.66%. There is approximately 7% upside in income to a market cap rate of 6.3%. It has fresh exterior paint and the electrical system was just updated in September of 2024. There is also a detached garage building off of the back alley that has 4 spots in 3 separate garages. Perfect ADU opportunity.
  1. Listed by Anthony Walker • DRE #01908153 • Brokerage DRE #01914434 • Buckingham Investments, Inc • 310-867-1183
  2. Listed by Josh Ess • DRE #02035659 • Brokerage DRE #01914434 • Buckingham Investments, Inc

Property Details for 2024 Chestnut Avenue

Architectural Style
Mediterranean
View
None
Parking Spaces Total
4
Private Pool
No
Cooling Type
N/K
Total Units
5.0
Building Type
Attached
Lot Size Source
Assessor
LISTING UPDATED: 12/12/2024 07:48 AM

Property Details for 2024 Chestnut Avenue

StatusActive
MLS #SB24215716
Days on Market39
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1928
CountyLos Angeles County

Building Information for 2024 Chestnut Avenue

Building/Complex2024 Chestnut AveFloor-Stories2Residences-Pet Policy-Year Built1928Building Size-

Property Information for 2024 Chestnut Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas, Other, Trash Collection
Income / Expense / Tax Details
Income Details
  • Gross Income: $124,272
  • Gross Scheduled Income: $124,272
  • Vacancy Allowance Rate: 5
  • Net Operating Income: $76,430
  • Number Of Rented Garages: 3
  • Garage Income: $248
  • Other Income 1: $69
  • Gross Multiplier: 10.86
  • Cap Rate: 5.7
Expense Details
  • Operating Expense: $41,819
  • New Taxes Expense: $16,875
  • Gardener Expense: $1,200
  • Fuel Expense: $1,383
  • Licenses Expense: $660
  • Pest Control Expense: $1,128
  • Electric Expense: $0
  • Insurance Expense: $6,461
  • Maintenance Percent: 5.00%
  • Professional Management Expense: $5,912
  • Trash Expense: $456
  • Water Sewer Expense: $2,012
  • Total Expenses: $41,819
Tax / Assessment Info
  • Tax Block: 2
  • Tax Tract Number: 5161
  • Tax Census Tract: 5730.04
  • CFD/Mello-Roos Fee: $917
  • Tax Lot: 9
Community / Development
Community / Development
  • Accessibility Features: None
  • Disability Access: None
  • Community Features: Suburban
Property / Structure Info
Interior Features
  • Appliances: Gas Oven, Gas Range
  • Equipment: Community
  • Interior Features: Laminate Counters, Quartz Counters
  • Laundry: Yes
  • Laundry Features: Community
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: None
  • Heating Type: Wall
  • Heating: Wall Furnace
  • Flooring: Carpet, Tile, Vinyl
Exterior Features
  • Roof: Flat, Tile
  • Entry Location: 1
  • View Description: None
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: 0-1 Unit/Acre
  • Number Of Units: 5
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Electric: 220 Volts
  • Water Source: Public
Parking Info
  • Garage Spaces: 4
  • Parking: Yes
  • Parking Garage Spaces: 4
  • Carport Spaces: 0
  • Parking Features: Garage Faces Rear
Property / Structure Info
  • Builders Tract Name: Wrigley Area
  • Builders Tract Code: Wrigley Area (WR)
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,995
  • Unit Type Total Rent: $1,995
  • Unit Type Pro Forma: 2000
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,110
  • Unit Type Total Rent: $2,110
  • Unit Type Pro Forma: 2350
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 2350
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,934
  • Unit Type Total Rent: $1,934
  • Unit Type Pro Forma: 2350
  • Unit Type Type: 4
Unit 5
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,650
  • Unit Type Total Rent: $1,650
  • Unit Type Pro Forma: 1650
  • Unit Type Type: 5
Unit Information
  • Number Of Units Leased: 4
  • Rent Controlled: Yes
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Gas Meters: 5
  • Number Of Separate Water Meters: 1
  • Number With Range: 5

Property History for 2024 Chestnut Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 2024 Chestnut Avenue

Taxable ValueLand$624,240Additions$728,860Total$1,353,100
Tax Record2024$17,720 ($1,477 / month)
Home Facts
Total Finished SqFt3,692 SqFtAbove Grade Finished SqFt3,692 SqFtLot Size6,375 SqFtStyleMulti-Family Res (5+ Units)Year Built1928ZoningLBR2NCountyLOS ANGELESAPN7209-025-009

Schools near 2024 Chestnut Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Lafayette Elementary School
PublicK to 5

Washington Middle School
Public6 to 8

Cabrillo High School
Public9 to 12

Educational Partnership High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

2024 Chestnut Avenue is a multi-family home for sale in Long Beach, CA 90806. This property was listed for sale on October 17, 2024 by Buckingham Investments, Inc, it's currently listed at $1,350,000. It has been on the market for a total of 39 days and was last sold on July 9, 2021. This listing's school district is Long Beach Unified School District. Nearby schools include Lafayette Elementary School, Washington Middle School and Cabrillo High School. 2024 Chestnut Avenue is a 12-bed, 5-bath, 3,692 sqft multi-family home built in 1928.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Buckingham Investments, Inc, Anthony Walker, DRE #01908153; Buckingham Investments, Inc, Josh Ess, DRE #02035659

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.