2024 Chestnut AveLong Beach, CA 90806

Property Details for 2024 Chestnut Ave

Year built

1928

Construction

WOOD

Lot size

0.15 AC

Property size (Sq ft)

3,692 SF

Zone code

LBR2N

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

7209-025-009

APU

7209025009

Description

This exceptional 5-unit apartment building presents a compelling investment opportunity in Long Beach's desirable South Wrigley neighborhood. Boasting a total of 3,692 square feet across two 2-story buildings on a 6,399 square foot lot, the property features a mix of unit sizes: three 3-bedroom units, one large 2-bedroom unit, and one 1-bedroom unit. The asking price is $1,399,000, translating to $279,800 per unit and $379 per square foot. The property enjoys a current NOI of $75,817, representing a 5.4% cap rate, with a pro-forma NOI of $85,321 projecting a 6.1% cap rate. Built in 1928, the property benefits from recent upgrades, including fresh exterior paint and a complete electrical system upgrade completed in September 2024. A detached garage provides four parking spaces. Its convenient location is less than a mile from the 710 freeway and less than two miles from the 405 freeway and the beach, making it highly attractive to renters. The property is zoned LBR2N and the land value is $219 per square foot. This well-maintained property offers significant upside potential and strong cash flow, making it an ideal addition to any investment portfolio. The APN is 7209-025-009.

• CAP approach

  CAP return

  Valuation

  6%

  $1,128,033

  6.5%

  $1,041,261

  7%

  $966,885

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,825,395

  Geo Method

  $1,825,395

• Alternative Use

  Use

  Valuation

  Residential

  $1,041,261

  Hospitality

  $953,790

  Educational

  $793,542

  Medical

  $820,833

  Retail

  $1,234,398

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.7941

Longitude

-118.196

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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