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718 Chestnut Ave 17 Unit Apartment Building $3,650,000 ($214,706/Unit) 5.32% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- Turnkey Property with Updated Systems
- May be purchased individually or combined with other Affordable deals at 1228 Raymond Avenue and/or 908 Martin Luther King Blvd.
- 5.32% Cap Rate / 11.64 GRM on Current Rents
EXECUTIVE SUMMARY
718 Chestnut Avenue is a 17-unit Affordable multifamily property in the Willmore section of Long Beach.
This turnkey property features newer roofing, plus all updated systems, including electrical and plumbing. The current owner has installed new cabinets, fixtures, windows, granite countertops, and sturdy tile floors in all units, in addition to a security camera system. All units include refrigerators, owned by seller.
The Affordable rent covenant with the city of Long Beach, which affects 8 units, expires in 5.8 years (July 2030). City of Long Beach Affordable rent covenants available for buyer review upon request.
718 Chestnut Avenue is offered at a 5.32% cap rate and 11.64 GRM based on current rents.
This turnkey property features newer roofing, plus all updated systems, including electrical and plumbing. The current owner has installed new cabinets, fixtures, windows, granite countertops, and sturdy tile floors in all units, in addition to a security camera system. All units include refrigerators, owned by seller.
The Affordable rent covenant with the city of Long Beach, which affects 8 units, expires in 5.8 years (July 2030). City of Long Beach Affordable rent covenants available for buyer review upon request.
718 Chestnut Avenue is offered at a 5.32% cap rate and 11.64 GRM based on current rents.
PROPERTY FACTS
| Price | $3,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $214,706 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.32% | Building Size | 9,324 SF |
| Gross Rent Multiplier | 11.64 | No. Stories | 2 |
| No. Units | 17 | Year Built | 1923 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | PD10 - restricted Density Multiple Dwelling | ||
| Price | $3,650,000 |
| Price Per Unit | $214,706 |
| Sale Type | Investment |
| Cap Rate | 5.32% |
| Gross Rent Multiplier | 11.64 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 9,324 SF |
| No. Stories | 2 |
| Year Built | 1923 |
| Opportunity Zone |
Yes |
| Zoning | PD10 - restricted Density Multiple Dwelling |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Microwave
- Security System
- Tile Floors
- Granite Countertops
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Tub/Shower
- Framed Mirrors
- Lawn
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Private Bathroom
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 8 | - | 400 |
| 1+1 | 7 | - | 500 |
| 1+2 | 1 | - | 500 |
| 2+2 | 1 | - | 600 |
1 1
Walk Score®
Walker's Paradise (93)
Transit Score®
Excellent Transit (73)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 7272-019-013 | Improvements Assessment | $378,577 |
| Land Assessment | $883,355 | Total Assessment | $1,261,932 |
PROPERTY TAXES
Parcel Number
7272-019-013
Land Assessment
$883,355
Improvements Assessment
$378,577
Total Assessment
$1,261,932
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718 Chestnut Ave
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