$2,130,000
SOLD JAN 28, 2025

1633 Chestnut Ave Long Beach, CA 90813

Washington School Neighborhood
12 Beds
10 Baths
7,357 Sq Ft
7,482 Sq Ft Lot

Recently Sold

$290 Per Sq Ft

3% Below List Price

22 Days on Market

About This Home

As of January 2025

GREAT INVESTMENT OPPORTUNITY! This property is a 10 unit building with a mix of 2 units of 2BD/2BR and 8 units of 1BD/BR. All units have been renovated back in 2018 and a new electrical main panel has been installed in 2024. This property is conveniently located near Downtown long beach, Long beach convention center, Pike outlets, Shoreline Village, and more.

Last Agent to Sell the Property

Freddy Okuda

ADW Management USA, Inc. Brokerage Phone: 310-955-7613 License #02073148 Listed on: 06/24/2024

Last Buyer's Agent

Lin Xia

Wetrust Realty License #01918081

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1958

Lot Details

  • 7,482 Sq Ft Lot
  • No Common Walls
  • Density is up to 1 Unit/Acre

Parking

  • 6 Car Garage
  • Parking Available
  • Front Facing Garage
  • Rear-Facing Garage
  • Single Garage Door

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 7,357 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 10 Bathrooms

Laundry

  • Laundry Room
  • Leased Washer and Dryer

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Legal Lot and Block 28 / 6
  • Tax Tract Number 8
  • Assessor Parcel Number 7269038023
  • $1,924 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 10 Units
  • Downtown Subdivision

Amenities

  • Laundry Facilities

Building Details

  • 10 Leased Units
  • 11 Separate Electric Meters
  • 11 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $535
  • Fuel Expense $2,199
  • Gardener Expense $1,925
  • Insurance Expense $6,381
  • Maintenance Expense $5,000
  • Other Expense $1,000
  • Pest Control $729
  • Professional Management Expense $7,898
  • Trash Expense $2,178
  • Water Sewer Expense $2,900
  • New Taxes Expense $29,174
  • Operating Expense $59,919
  • Gross Income $7,800
  • Net Operating Income $131,617

Property Details

Home Type

Apartment

Year Built

Built in 1958

Lot Details

0

Parking

6

Listing Details

  • Assessments: No
  • CapRate: 5.98
  • Professional Management Expense: 7898.00
  • Property Attached: No
  • Subdivision Name Other: Downtown (DT)
  • Water Sewer Expenses: 2900.00
  • Zoning: LBR4N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 1925.00
  • Parcel Number: 7269038023
  • Year Built: 1958
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 289.52

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 6.00
  • Parking: Yes
  • Parking Features: Garage Faces Front, Garage Faces Rear, Garage - Single Door
  • Total Parking Spaces: 6.00

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area
  • Pest Control Expense: 729.00
  • Sewer: Public Sewer
  • Trash Expense: 2178.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 7482.00
  • Lot Size Acres: 0.1718

Rental Info

  • Garage Rental Rate: 100.00
  • Tenant Pays: Electricity, Gas

Multi Family

  • Electric Expense: 535.00
  • Fuel Expense: 2199.00
  • Garage Income: 400.00
  • Gross Income: 7800.00
  • Gross Multiplier: 11.12
  • Gross Operating Income: 191536.00
  • Gross Scheduled Income: 197460.00
  • Insurance Expense: 6381.00
  • Laundry Equipment Own Lease: Lease
  • Laundry Income: 200.00
  • Lot Size Area: 7482.0000 Square Feet
  • Maintenance Expense: 5000.00
  • Maintenance Percent: 2.60
  • Net Operating Income: 131617.00
  • Number Of Rented Garages: 4
  • Number Of Separate Electric Meters: 11
  • Number Of Separate Gas Meters: 11
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 10
  • Number Of Units Total: 10
  • Operating Expense: 59919.00
  • Operating Expense Percent: 30.00
  • Other Expense: 1000.00
  • Other Expense Description: Reserve
  • Other Income1: 50.00
  • Other Income Description: Storage
  • Rent Control: No
  • Total Actual Rent: 15805.00
  • Total Expenses: 59919.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 29174.00
  • Tax Block: 6
  • Tax Census Tract: 5754.01
  • Tax Lot: 28
  • Tax Tract Number: 008...
  • TaxOtherAnnualAssessmentAmount: 1924.00

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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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 List to Sale Price per Sq Ft
01/28/2025 01/28/25 Sold $2,130,000 -2.7% $290 / Sq Ft
07/16/2024 07/16/24 Pending -- -- --
06/24/2024 06/24/24 For Sale $2,190,000 -- $298 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • F

    Seller's Agent in 2025

    Freddy Okuda

    ADW Management USA, Inc.

    Section Image

  • L

    Buyer's Agent in 2025

    Lin Xia

    Wetrust Realty

    (626) 888-9808

    1 in this area

    60 Total Sales

    Lin Xia
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB24128850

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90813 Washington School

1633 Chestnut Ave, Long Beach, CA

Sold

MultiFamily

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