$1,240,000
$1,388,000
10.7%For more information regarding the value of a property, please contact us for a free consultation.
1027 Chestnut AVE Long Beach, CA 90813
Key Details
Sold Price $1,240,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Drake Park (Dp)
MLS Listing ID RS18093079
Sold Date 09/11/18
HOA Y/N No
Year Built 1923
Annual Tax Amount $18,005
Tax Year 2018
Property Description
Incredible value add opportunity in the heart of Downtown Long Beach's "Drake Park" neighborhood. Roughly 25% upside in monthly income and a 6.68% cap rate at market rents. Three Buildings: (1) 3 Bed / 2 bath detached house, (5) - Studios and (2) - Studios above a 3 car garage. Unit 1027 was just remodeled with two-tone paint, vinyl plank floors, granite counters & updated fixtures and will be rented for $1095. Some units are modestly updated including new kitchen & bathroom tiling, refinished original hardwood flooring and crown molding in the detached house, new gas ranges and two-tone interior paint.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD10
Rooms
Ensuite Laundry Washer Hookup, None
Interior
Laundry Location Washer Hookup,None
Fireplace No
Laundry Washer Hookup, None
Exterior
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Curbs, Gutter(s), Storm Drain(s), Street Lights, Sidewalks, Urban
Total Parking Spaces 3
Private Pool No
Building
Lot Description Level, Near Public Transit, Paved
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 7272007008
Energy Description 742.0
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Financing Cash
Special Listing Condition Standard
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Bought with Andrew McAllister • Nationwide Real Estate Execs
The Wilkas Group - Lenore & Alexander Wilkas
Real Estate Advisors | License ID: 01343201 & 01355442