Large 5 unit building with (3) 3-Bed Units, (1) Large 2-Bed Unit, and (1) 1-bed unit in the excellent neighborhood of South Wrigley. The building is conveniently located less than a mile from the 710 Freeway, less than 2 miles from the 405, and just 2 miles North of the beach. Attractive residential tree-lined street.
The property is priced to sell at 11.26 GRM and a current cap rate of 5.4%. There is approximately 7% upside in income to a market cap rate of 6.1%. It has fresh exterior paint and the electrical system was just updated in September of 2024. There is also a detached garage building off of the back alley that has 4 spots in 3 separate garages. Perfect ADU opportunity.
The property is priced to sell at 11.26 GRM and a current cap rate of 5.4%. There is approximately 7% upside in income to a market cap rate of 6.1%. It has fresh exterior paint and the electrical system was just updated in September of 2024. There is also a detached garage building off of the back alley that has 4 spots in 3 separate garages. Perfect ADU opportunity.
Property Details
Price:
$1,399,000
MLS #:
SB24215716
Status:
Active
Baths:
0
Address:
2024 Chestnut Avenue
Type:
Residential Income
Subtype:
Apartment
Subdivision:
Wrigley Area WR
Neighborhood:
5wrigleyarea
City:
Long Beach
Listed Date:
Oct 17, 2024
State:
CA
ZIP:
90806
Lot Size:
6,399 sqft / 0.15 acres (approx)
Year Built:
1928
See this Listing
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Schools
Interior
Accessibility Features
None
Appliances
Gas Oven, Gas Range
Cooling
None
Fireplace Features
None
Flooring
Carpet, Tile, Vinyl
Heating
Wall Furnace
Interior Features
Laminate Counters, Quartz Counters
Exterior
Community Features
Suburban
Electric
220 Volts
Garage Spaces
4.00
Lot Features
0-1 Unit/ Acre
Parking Features
Garage Faces Rear
Parking Spots
4.00
Pool Features
None
Roof
Flat, Tile
Sewer
Public Sewer
Spa Features
None
Stories Total
2
View
None
Water Source
Public
Financial
Association Fee
0.00
Tenant Pays
Electricity, Gas, Other, Trash Collection
Utilities
Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Map
Community
- Address2024 Chestnut Avenue Long Beach CA
- Area5 – Wrigley Area
- SubdivisionWrigley Area (WR)
- CityLong Beach
- CountyLos Angeles
- Zip Code90806
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Courtesy of Buckingham Investments, Inc. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
2024 Chestnut Avenue
Long Beach, CA
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