$1,190,000
SOLD APR 9, 2025
2 Beds
2 Baths
3,770 Sq Ft
7,478 Sq Ft Lot

Recently Sold

$316 Per Sq Ft

21% Below List Price

181 Days on Market

About This Home

As of April 2025

We are pleased to present a 7 unit apartment building located at 1036 Chestnut Avenue in Long Beach, California. This is a value-add opportunity in a
great location of Willmore in Long Beach. The subject property is close to St Mary Medical Center, 4th Street Retro Row, Downtown Long Beach and 2nd Street in Belmont Shore where there are restaurants, shops, bars, grocery stores and entertainment venues. The subject property consists 3,770 rentable square feet spread throughout a 7,478 square foot lot. Units 1-6 was built in 1960 and unit A was built in 1949. All units are one bedroom / one bathroom units. The subject property has new electrical subpanels and is also separately metered for gas and electricity which helps keep expenses to a minimum. There are a total of 4 parking spaces in the rear which are able to generate income as well. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living close to the ocean breeze and walking distance to shops, restaurants, cafes, entertainment centers and grocery stores. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment.

Last Agent to Sell the Property

Kevin King

Marcus & Millichap Brokerage Email: kking@marcusmillichap.com License #01158184 Listed on: 09/27/2024

Last Buyer's Agent

NoEmail NoEmail

NONMEMBER MRML

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1949

Lot Details

  • 7,478 Sq Ft Lot
  • Two or More Common Walls
  • Rural Setting
  • Density is 6-10 Units/Acre

Home Design

  • Apartment

Interior Spaces

  • 3,770 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 2 Bathrooms

Parking

  • 4 Open Parking Spaces
  • 4 Parking Spaces

Utilities

  • Septic Type Unknown

Listing and Financial Details

  • Legal Lot and Block 12 / 8
  • Tax Tract Number 575802
  • Assessor Parcel Number 7272006030
  • $1,307 per year additional tax assessments

Community Details

Overview

  • 2 Buildings
  • 7 Units

Building Details

  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $1,685
  • Fuel Expense $1,684
  • Gardener Expense $1,500
  • Insurance Expense $4,713
  • Maintenance Expense $5,950
  • Other Expense $2,377
  • Professional Management Expense $6,373
  • Trash Expense $1,685
  • Water Sewer Expense $1,685
  • New Taxes Expense $16,250
  • Operating Expense $43,902
  • Gross Income $127,458
  • Net Operating Income $83,556

Property Details

Home Type

Multi-Family

Year Built

Built in 1949

Lot Details

0

Listing Details

  • Price Per Unit: 185714
  • Professional Management Expense: 6373.00
  • Property Attached: Yes
  • Water Sewer Expenses: 1684.70
  • Zoning: LBPD10
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 1500.00
  • Parcel Number: 7272006030
  • Year Built: 1949
  • Special Features: None

Interior Features

  • Stories: 2
  • Entry Location: front
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 315.65

Exterior Features

  • Pool Private: No

Garage/Parking

  • Total Parking Spaces: 4.00
  • Uncovered Spaces: 4.00

Utilities

  • Laundry: No
  • Sewer: Public Sewer, Septic Type Unknown, Unknown
  • Trash Expense: 1684.70
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Rural, Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 7478.00
  • Lot Size Acres: 0.1717

Multi Family

  • Electric Expense: 1684.70
  • Fuel Expense: 1684.00
  • Gross Income: 127458.00
  • Gross Scheduled Income: 131400.00
  • Insurance Expense: 4713.00
  • Lot Size Area: 7478.0000 Square Feet
  • Maintenance Expense: 5950.00
  • Net Operating Income: 83556.00
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 7
  • Operating Expense: 43902.00
  • Other Expense: 2377.00
  • Other Expense Description: Leg/Misc
  • Rent Control: No
  • Total Expenses: 43902.00

Tax Info

  • New Taxes Expense: 16250.00
  • Tax Block: 8
  • Tax Census Tract: 5758.02
  • Tax Lot: 12
  • Tax Tract Number: 575802
  • TaxOtherAnnualAssessmentAmount: 1307.00

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Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/09/2025 04/09/25 Sold $1,190,000 -8.5% $316 / Sq Ft
03/27/2025 03/27/25 Pending -- -- --
03/05/2025 03/05/25 Price Changed $1,300,000 -7.1% $345 / Sq Ft
02/05/2025 02/05/25 Price Changed $1,400,000 -3.4% $371 / Sq Ft
11/26/2024 11/26/24 Price Changed $1,450,000 -3.3% $385 / Sq Ft
09/27/2024 09/27/24 For Sale $1,500,000 -- $398 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW24201199

California Regional Multiple Listing Service (CRMLS)