NOT LISTED FOR SALE

1480 Chestnut Ave Long Beach, CA 90813

Washington School Neighborhood

Estimated Value: $1,105,000 - $1,217,000

10 Beds
6 Baths
2,738 Sq Ft
$417/Sq Ft Est. Value

Last Sold June 30, 2023

Last sale price $1,060,000 $387 Per Sq Ft

Est. 8% increase in value since last sale

Current estimated payment $7,153/month

5 Days on Market

Highlights

  • No HOA
  • 1-Story Property
  • 3-minute walk to 14th Street Park

About This Home

As of June 2023

Great opportunity to own 4 units in Long Beach. This apartment building with (two)-3 bedrooms 1.5 bathroom and (two)-2 bedrooms 1 bathroom on 7491 square feet of land. Public transportation is nearby the property and is very convenient to go to retail stores, banks, restaurants, and downtown Long Beach. the property has 6 parking spaces.

Last Agent to Sell the Property

Molly Ly

Hyun Joo Hong, Broker License #01293467 Listed on: 05/22/2023

Last Buyer's Agent

Molly Ly

Hyun Joo Hong, Broker License #01293467 Listed on: 05/22/2023

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1943

Lot Details

  • 7,491 Sq Ft Lot
  • Two or More Common Walls
  • Density is 2-5 Units/Acre

Home Design

  • Quadruplex
  • Entry on the 1st floor

Interior Spaces

  • 2,738 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 10 Bedrooms
  • 6 Bathrooms

Parking

  • 6 Open Parking Spaces
  • 6 Parking Spaces

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Tax Lot 5
  • Tax Tract Number 5421
  • Assessor Parcel Number 7269041007
  • $876 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 4 Units

Building Details

  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $1,200
  • Maintenance Expense $1,200
  • Water Sewer Expense $2,400
  • New Taxes Expense $12,650
  • Operating Expense $17,700
  • Gross Income $75,600
  • Net Operating Income $54,120

Property Details

Home Type

Multi-Family

Year Built

Built in 1943

Lot Details

0

Listing Details

  • Property Attached: Yes
  • Water Sewer Expenses: 2400.00
  • Zoning: LBR4N
  • Property Sub Type: Quadruplex
  • Property Type: Residential Income
  • Parcel Number: 7269041007
  • Year Built: 1943
  • Special Features: None

Interior Features

  • Fireplace: No
  • Stories: 1
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 387.14

Exterior Features

  • Pool Private: No

Garage/Parking

  • Total Parking Spaces: 6.00
  • Uncovered Spaces: 6.00

Utilities

  • Laundry: No
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 2-5 Units/Acre
  • Lot Size Sq Ft: 7491.00
  • Lot Size Acres: 0.1720
  • Latitude Manual: 33.78582700

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Gross Income: 75600.00
  • Gross Operating Income: 71820.00
  • Gross Scheduled Income: 75600.00
  • Insurance Expense: 1200.00
  • Lot Size Area: 7491.0000 Square Feet
  • Maintenance Expense: 1200.00
  • Net Operating Income: 54120.00
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 4
  • Operating Expense: 17700.00
  • Rent Control: No
  • Total Expenses: 17700.00
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 12650.00
  • Tax Census Tract: 5754.01
  • Tax Lot: 5
  • Tax Tract Number: 5421
  • TaxOtherAnnualAssessmentAmount: 876.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
May 22, 2023
Closed on
Jun 13, 2023
Sold by
Te Leng Hourt and Malina Meiling
Bought by
Bahrami Farnoosh and Alizadelibidhendi Habibollah
Seller's Agent
Molly Ly
Hyun Joo Hong, Broker
Buyer's Agent
Molly Ly
Hyun Joo Hong, Broker
List Price
$1,100,000
Sold Price
$1,060,000
Premium/Discount to List
-$40,000
-3.64%
Views
53
Current Estimated Value
$1,140,501

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$80,501
Avg. Annual Appreciation
2.95%
Original Mortgage
$610,000
Outstanding Balance
$593,689
Interest Rate
6.39%
Mortgage Type
New Conventional
Estimated Equity
$546,812

Purchase Details

Closed on
Nov 19, 2013
Sold by
Baker Myles
Bought by
Te Leng Hourt and Chan Malina

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$375,000
Interest Rate
4.13%
Mortgage Type
New Conventional

Purchase Details

Closed on
Feb 4, 2013
Sold by
M4 Properties Llc
Bought by
Baker Myles and Baker Maureen

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$259,000
Interest Rate
3.29%
Mortgage Type
New Conventional

Purchase Details

Closed on
Mar 24, 2010
Sold by
Citibank Na
Bought by
M4 Properties Llc

Purchase Details

Closed on
Jan 26, 2010
Sold by
Corral Benjamin
Bought by
Citibank Na

Purchase Details

Closed on
Mar 12, 2008
Sold by
Sanchez Fernando
Bought by
Corral Benjamin

Purchase Details

Closed on
Jul 11, 2007
Sold by
Magana Marcelo
Bought by
Magana Margarita

Purchase Details

Closed on
Jul 5, 2007
Sold by
Corral Benjamin
Bought by
Sanchez Fernando and Gonzalez Mariano

Purchase Details

Closed on
Sep 18, 2005
Sold by
Chavez Andres
Bought by
Corral Benjamin

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$575,200
Interest Rate
7.5%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Mar 11, 2005
Sold by
Olatubosun Sade B
Bought by
Chavez Andres

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$480,000
Interest Rate
6.75%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Jun 19, 2003
Sold by
Nwaba Teddy O
Bought by
Olatubosun Sade B

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$350,000
Interest Rate
8.87%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Jun 14, 2002
Sold by
Finzi David B
Bought by
Nwaba Teddy O

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$248,000
Interest Rate
7.12%

Purchase Details

Closed on
Jun 5, 1998
Sold by
Sierra Percival Rodrigo
Bought by
Wilshire Funding Corp

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$90,000
Interest Rate
7.17%
Mortgage Type
Stand Alone First

Purchase Details

Closed on
Jun 1, 1998
Sold by
Wilshire Credit Corp
Bought by
Finzi David B

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$90,000
Interest Rate
7.17%
Mortgage Type
Stand Alone First

Purchase Details

Closed on
Jun 25, 1997
Sold by
Perkins Leland W
Bought by
First Federal Bank Of California

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$268,388
Interest Rate
7.58%

Purchase Details

Closed on
Jun 23, 1997
Sold by
First Federal Bank Of California
Bought by
Golden West Group Inc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$268,388
Interest Rate
7.58%

Purchase Details

Closed on
Jun 17, 1997
Sold by
Golden West Group Inc
Bought by
Sierra Percival Rodrigo and Sierra Andrea

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$268,388
Interest Rate
7.58%

Purchase Details

Closed on
Apr 8, 1994
Sold by
Perkins Leland W
Bought by
Perkins Leland W
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Bahrami Farnoosh $1,060,000 Wfg National Title
Te Leng Hourt $575,000 Old Republic Title Co
Baker Myles -- Lsi
M4 Properties Llc $370,000 Fidelity National Title
Citibank Na $709,175 Accommodation
Corral Benjamin -- Accommodation
Magana Margarita -- Accommodation
Gonzalez Mariano -- Accommodation
Sanchez Fernando -- Accommodation
Sanchez Fernando -- Accommodation
Corral Benjamin $725,000 California Counties Title Co
Chavez Andres $600,000 Fidelity National Title Co
Olatubosun Sade B $395,000 Stewart Title Of Ca Inc
Nwaba Teddy O $310,000 Gateway
Wilshire Funding Corp $170,000 Benefit Land Title Ins Co
Finzi David B $123,500 Benefit Land Title Company
First Federal Bank Of California $115,000 --
Golden West Group Inc $130,000 --
Sierra Percival Rodrigo $280,000 --
Perkins Leland W -- --
Perkins Leland W -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Bahrami Farnoosh $610,000
Previous Owner Te Leng Hourt $375,000
Previous Owner Baker Myles $259,000
Previous Owner Corral Benjamin $575,200
Previous Owner Chavez Andres $480,000
Previous Owner Olatubosun Sade B $350,000
Previous Owner Nwaba Teddy O $248,000
Previous Owner Finzi David B $90,000
Previous Owner Sierra Percival Rodrigo $268,388
Closed Finzi David B $9,000
Closed Nwaba Teddy O $62,000
Closed Chavez Andres $90,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
06/30/2023 06/30/23 Sold $1,060,000 -3.6% $387 / Sq Ft
05/28/2023 05/28/23 Pending -- -- --
05/22/2023 05/22/23 For Sale $1,100,000 -- $402 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $14,338 $1,102,824 $749,088 $353,736
2024 $14,338 $1,081,200 $734,400 $346,800
2023 $9,338 $677,490 $235,647 $441,843
2022 $8,781 $664,207 $231,027 $433,180
2021 $8,597 $651,185 $226,498 $424,687
2019 $8,476 $632,473 $219,781 $412,692
2018 $8,142 $620,084 $215,472 $404,612
2016 $7,492 $595,431 $207,106 $388,325
2015 $7,198 $586,488 $203,996 $382,492
2014 $7,163 $575,000 $200,000 $375,000
Source: Public Records

Agents Affiliated with this Home

  • Molly Ly

    Seller's Agent in 2023

    Molly Ly

    Hyun Joo Hong, Broker

    (562) 235-2205

    1 in this area

    29 Total Sales

    Molly Ly
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: RS23082979

California Regional Multiple Listing Service (CRMLS)

APN: 7269-041-007

California Los Angeles County Long Beach 90813 Washington School

1480 Chestnut Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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