2024 Chestnut Ave
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2024 Chestnut Ave
5 Unit Apartment Building $1,350,000 ($270,000/Unit) 5.66% Cap Rate Long Beach, CA 90806
Investment Highlights
- Priced to sell at 10.86 GRM and 5.7% cap rate
- Electrical system upgraded in September 2024
- 7% upside in income to market cap rate of 6.1%
Executive Summary
• Large 5-Unit Building with (3) 3-Bed units, (1) large 2-Bed unit, and (1) 1 bed unit
• Excellent location in South Wrigley
• Priced to sell at 10.86 GRM and a 5.7% cap rate
• ~7% upside in income to market cap rate of 6.3%
• Detached garage building with 4 spots
• Fresh exterior paint
• Electrical system upgrade in September of 2024
• Excellent location in South Wrigley
• Priced to sell at 10.86 GRM and a 5.7% cap rate
• ~7% upside in income to market cap rate of 6.3%
• Detached garage building with 4 spots
• Fresh exterior paint
• Electrical system upgrade in September of 2024
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,350,000 | Apartment Style | Low Rise |
| Price Per Unit | $270,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 5.66% | Building Size | 3,692 SF |
| Gross Rent Multiplier | 10.63 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1928 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment |
| Price | $1,350,000 |
| Price Per Unit | $270,000 |
| Sale Type | Investment |
| Cap Rate | 5.66% |
| Gross Rent Multiplier | 10.63 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 3,692 SF |
| No. Stories | 2 |
| Year Built | 1928 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $1,998 | 700 |
| 3+1 | 3 | $2,142 | 800 |
| 1+1 | 1 | $1,650 | 500 |
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Walk Score ®
Very Walkable (83)
Bike Score ®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 7209-025-009 | Total Assessment | $1,352,520 (2024) |
| Land Assessment | $624,240 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $728,280 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7209-025-009
Land Assessment
$624,240 (2024)
Improvements Assessment
$728,280 (2024)
Total Assessment
$1,352,520 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | R2N, Long Beach |
| R2N, Long Beach |
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2024 Chestnut Ave
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