The subject offering, Pueblo Chestnut is a one story, bungalow style, gated community with two 6 units forming a common courtyard with natural stone grounds. The property has both a front and rear exit which provides natural light and a nice breezeway into this efficient unit. Since all the utilities are paid by the owners, the tenants an afford to pay higher rents and due to the new solar panels on a very inexpensive lease, the owners pay a reduced cost while providing benefits like window a/c in each unit and therefore the landlord is able to save lots of money on electrical costs ever year. There is a separate laundry room where the owners own and collect additional income on the coins, two water heaters, one for each building and four enclosed garages off the alley which provide more income. The current in-place rents are still way below market and with some light cosmetic rehab, there could be annual increases for a new owner. Two units have already just turned and are getting tenants at $950 rents! The property has some copper upgrades as well and the units all have tile floors in each unit. The property is able to rent fast because it is very affordable and there is pent up demand in Long Beach due to lack of new construction and a population that keeps growing. There are many waterfront and other projects along with both LA and Log Beach Harbors which move millions of good & services daily to businesses all over California & other states as well. This Large port community has been employment source for over 100 years now and it is going through a huge makeover. PRICED AT 4.5% CAP WITH OVER 22% UPSIDE IN RENTS ON 41% ACTUAL EXPENSES=BET PRICED DEAL IN LONG BEACH!
10.38 GRM ON MARKET RENTS! 5.9% CAP RATE ON MARKET RENTS TOO!
