Opportunity Zone Location | 1885 Chestnut Ave
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Opportunity Zone Location 1885 Chestnut Ave
8 Unit Apartment Building $2,195,000 ($274,375/Unit) 5.63% Cap Rate Long Beach, CA 90806
Investment Highlights
- Excellent unit mixes are (2) 3 bedrooms/1 bathroom, (5) 2 bedrooms/1 bathroom, and (1) 1 bedroom/1 bathroom.
- 4 of the units are remodeled
- A two (2) bedroom unit will be delivered VACANT & remodeled
Executive Summary
Amazing prime investment in this OPPORTUNITY ZONE location. This 8-unit apartment complex boasts 17 bedrooms, 8 bathrooms situated on a generous 7500 square foot lot. Excellent unit mixes are (2) 3 bedrooms/1 bathroom, (5) 2 bedrooms/1 bathroom, and (1) 1 bedroom/1 bathroom. Units are tastefully remodeled to go along with a brand-new roof install last year in one of the buildings. A 2-bedroom unit will be delivered VACANT & remodeled. There is an onsite community laundry room. The rear has a 4 car garage with access to alley exit that can be converted to ADU's. All tenants are on month-to-month leases and consistently meet their obligations. 11.46 GRM AND 5.9% CAP. Don't miss out on this smart investment in a sought-after location.
Property Facts
| Price | $2,195,000 | Building Class | C |
| Price Per Unit | $274,375 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 8,000 SF |
| Cap Rate | 5.63% | Average Occupancy | 97% |
| Gross Rent Multiplier | 11.46 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1944 |
| Property Type | Multifamily | Parking Ratio | 0.61/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $2,195,000 |
| Price Per Unit | $274,375 |
| Sale Type | Investment |
| Cap Rate | 5.63% |
| Gross Rent Multiplier | 11.46 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,000 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1944 |
| Parking Ratio | 0.61/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Kitchen
- Hardwood Floors
- Refrigerator
- Tub/Shower
Site Amenities
- Laundry Facilities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 5 | - | - |
| 3+2 | 2 | - | - |
| 1+1 | 1 | - | - |
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Walk Score ®
Very Walkable (82)
Bike Score ®
Very Bikeable (81)
PROPERTY TAXES
| Parcel Number | 7209-028-007 | Improvements Assessment | $416,971 |
| Land Assessment | $210,139 | Total Assessment | $627,110 |
PROPERTY TAXES
Parcel Number
7209-028-007
Land Assessment
$210,139
Improvements Assessment
$416,971
Total Assessment
$627,110
zoning
| Zoning Code | R2N, Long Beach (Located in Opportunity Zone) |
| R2N, Long Beach (Located in Opportunity Zone) |
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Opportunity Zone Location | 1885 Chestnut Ave
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