NOT LISTED FOR SALE

1584 Chestnut Ave Long Beach, CA 90813

Washington School Neighborhood

Estimated Value: $794,000 - $944,492

5 Beds
2 Baths
2,132 Sq Ft
$397/Sq Ft Est. Value

Last Sold March 28, 2024

Last sale price $750,000 $352 Per Sq Ft

Est. 13% increase in value since last sale

Current estimated payment $4,756/month

18 Days on Market

About This Home

As of March 2024

1584 Chestnut Avenue is a 2-unit multifamily investment opportunity located in Long Beach, CA. Situated on a 0.17-acre parcel, 1584 Chestnut Avenue offers a spacious three-bedroom home with a two-car garage in the front and a two-bedroom apartment above 4 garage spaces in the rear of the property. These garage spaces offer ownership the opportunity for significant additional income through the rental of the extra garage spaces.
The property represents a unique value-add opportunity with ample upside. With current rents below market rates, new ownership could complete a comprehensive renovation of the units, allowing them to achieve significant rental premiums compared to non-renovated units. 1584 Chestnut Avenue benefits from its excellent location, just North of Downtown Long Beach, providing residents with convenient access to an abundance of retail, dining, and entertainment options, as well as employers. 1584 Chestnut Avenue is available in conjunction with the adjacent 11-unit property located at 1600 Chestnut Avenue.

Last Agent to Sell the Property

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Phone: 714-713-9086 License #01451551 Listed on: 02/16/2024

Last Buyer's Agent

Minh Huynh

COLDWELL BANKER DYNASTY/TC License #01131789

COLDWELL BANKER DYNASTY/TC

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1953

Lot Details

  • 7,405 Sq Ft Lot
  • No Common Walls
  • Level Lot

Parking

  • 6 Car Garage

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 2,132 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 2 Bathrooms

Laundry

  • Laundry Room
  • Dryer
  • Washer

Outdoor Features

  • Rain Gutters

Listing and Financial Details

  • Legal Lot and Block 14 / 7
  • Tax Tract Number 575401
  • Assessor Parcel Number 7269039009
  • $555 per year additional tax assessments

Community Details

Overview

  • 2 Buildings
  • 2 Units

Building Details

  • 2 Separate Electric Meters
  • 2 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $275
  • Fuel Expense $275
  • Insurance Expense $2,500
  • Maintenance Expense $1,400
  • Other Expense $3,155
  • Trash Expense $275
  • Water Sewer Expense $275
  • New Taxes Expense $9,332
  • Operating Expense $17,487
  • Gross Income $47,580
  • Net Operating Income $28,684

Property Details

Home Type

Apartment

Year Built

Built in 1953

Lot Details

0

Parking

6

Listing Details

  • CapRate: 3.82
  • Property Attached: No
  • Water Sewer Expenses: 275.00
  • Zoning: LBR4N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 7269039009
  • Year Built: 1953
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 351.78

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 6.00
  • Total Parking Spaces: 6.00

Utilities

  • Laundry: Yes
  • Laundry Features: Dryer Included, Washer Included
  • Sewer: Public Sewer
  • Trash Expense: 275.00
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Level with Street
  • Lot Size Sq Ft: 7405.20
  • Lot Size Acres: 0.1700

Multi Family

  • Electric Expense: 275.00
  • Fuel Expense: 275.00
  • Gross Income: 47580.00
  • Gross Multiplier: 15.76
  • Gross Operating Income: 45571.00
  • Gross Scheduled Income: 46980.00
  • Insurance Expense: 2500.00
  • Lot Size Area: 0.1700 Acres
  • Maintenance Expense: 1400.00
  • Net Operating Income: 28684.00
  • Number Of Separate Electric Meters: 2
  • Number Of Separate Gas Meters: 2
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 2
  • Operating Expense: 17487.00
  • Operating Expense Percent: 36.20
  • Other Expense: 3155.00
  • Other Expense Description: Misc
  • Other Income1: 600.00
  • Other Income Description: Misc
  • Rent Control: No
  • Total Expenses: 17487.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 9332.00
  • Tax Block: 7
  • Tax Census Tract: 5754.01
  • Tax Lot: 14
  • Tax Tract Number: 575401
  • TaxOtherAnnualAssessmentAmount: 555.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Feb 16, 2024
Closed on
Mar 11, 2024
Sold by
2003 Graham Family Trust
Bought by
Huynh Richard Hien Trung
Seller's Agent
Tyler Leeson
Marcus & Millichap RE Invest
Buyer's Agent
Minh Huynh
COLDWELL BANKER DYNASTY/TC
List Price
$750,000
Sold Price
$750,000
Views
48
Current Estimated Value
$847,373

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$97,373
Avg. Annual Appreciation
7.18%
Original Mortgage
$525,000
Outstanding Balance
$515,997
Interest Rate
6.77%
Mortgage Type
New Conventional
Estimated Equity
$331,376

Purchase Details

Closed on
Mar 16, 2017
Sold by
Graham George A and Graham Carla J
Bought by
Graham George A and Graham Carla J

Purchase Details

Closed on
Feb 8, 2006
Sold by
Graham George A and Graham Carla J
Bought by
Graham George A and Graham Carla J

Purchase Details

Closed on
Jul 18, 2003
Sold by
Graham George A and Graham Carla J
Bought by
Graham George A and Graham Carla J

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$160,000
Interest Rate
5.13%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Mar 6, 2003
Sold by
Graham George A and Graham Carla J
Bought by
Graham George A and Graham Carla J

Purchase Details

Closed on
Jan 9, 2002
Sold by
Graham George A and Graham Carla J
Bought by
Graham George A and Graham Carla J

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$140,000
Interest Rate
6.84%
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
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
Huynh Richard Hien Trung $750,000 Chicago Title Company
Graham George A -- None Available
Graham George A -- None Available
Graham George A -- Alliance Title Company
Graham George A -- --
Graham George A -- Northern Counties Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Huynh Richard Hien Trung $525,000
Previous Owner Graham George A $160,000
Previous Owner Graham George A $140,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
03/28/2024 03/28/24 Sold $750,000 0.0% $352 / Sq Ft
03/05/2024 03/05/24 Pending -- -- --
02/16/2024 02/16/24 For Sale $750,000 -- $352 / 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 $3,790 $765,000 $459,000 $306,000
2024 $3,790 $258,927 $103,193 $155,734
2023 $3,726 $253,851 $101,170 $152,681
2022 $3,514 $248,875 $99,187 $149,688
2021 $3,434 $243,996 $97,243 $146,753
2020 $3,424 $241,495 $96,246 $145,249
2019 $3,386 $236,760 $94,359 $142,401
2018 $3,182 $232,118 $92,509 $139,609
2016 $2,920 $223,107 $88,918 $134,189
2015 $2,809 $219,757 $87,583 $132,174
2014 $2,801 $215,453 $85,868 $129,585
Source: Public Records

Agents Affiliated with this Home

  • Tyler Leeson

    Seller's Agent in 2024

    Tyler Leeson

    Marcus & Millichap RE Invest

    (949) 419-3200

    3 in this area

    155 Total Sales

    Tyler Leeson
    Section Image

  • M

    Buyer's Agent in 2024

    Minh Huynh

    COLDWELL BANKER DYNASTY/TC

    (626) 309-1900

    1 in this area

    3 Total Sales

    Minh Huynh
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC24033408

California Regional Multiple Listing Service (CRMLS)

APN: 7269-039-009

California Los Angeles County Long Beach 90813 Washington School

1584 Chestnut Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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