M
Seller's Agent in 2023
Mike Sadeghi
Pridemark Group
(949) 502-5999
1 in this area
23 Total Sales
1918 Chestnut Ave Long Beach, CA 90806
South Wrigley Neighborhood
18
Beds
17
Baths
10,560
Sq Ft
8,150
Sq Ft Lot
Highlights
- City Lights View
- No HOA
- Laundry Room
- Contemporary Architecture
- Park
- Wood Siding
About This Home
As of August 2023$400,000 PRICE REDUCTION! ATTENTION INVESTORS and 1031 EXCHANGE BUYERS! POTENTIAL: Premium custom built with excellent floor plans, 12 units in the coastal city of Long Beach. Close to downtown, schools, memorial hospital, shopping and entertainment areas, close to Metro Line, 405 and 710 freeways. Building has over 10,000 sq ft of livable area over its 12 units. Here are 10 reasons why this can be the best investment in Long Beach!
1. More than 56% rental increase potential giving 6.7% Cap Rate (absentee owners).
2. Largest sq ft per unit in the area.
3. Lowest price per sq ft on sold or listed similar properties.
4. Fully secured and gated, with covered 19 car garage (3 uncovered spots).
5. Beautifully large 12 units, with 9 units 2B/2Ba, 1 unit 2B/1B and only 2 units 1B/1Ba.
6. On-site laundry.
7. Most units maintained well & remodeled (see supplement for details).
8. Custom built in 1987 and well maintained (not the 1930's and 40's).
9. Covered balconies, with some having awesome city views.
10. Extremely desirable and low vacancy rental area. Particularly because of secured and covered parking.
Excellent 1031 Exchange property for investors who want to become an owner in this city, which currently has over $8B in development occurring.
SUBJECT PROPERTY IS A 1031 EXCHANGE, NEW PROPERTIES ARE IDENTIFIED.
Last Agent to Sell the Property
Pridemark Group License #01088115 Listed on: 11/29/2022
Property Details
Home Type
- Apartment
Year Built
- Built in 1987
Lot Details
- 8,150 Sq Ft Lot
- No Common Walls
- Density is 11-15 Units/Acre
Parking
- 3 Open Parking Spaces
- 19 Car Garage
Home Design
- Contemporary Architecture
- Shingle Roof
- Composition Roof
- Wood Siding
- Stucco
Interior Spaces
- 10,560 Sq Ft Home
- City Lights Views
- Laundry Room
Bedrooms and Bathrooms
- 18 Bedrooms
- 17 Bathrooms
Location
- Urban Location
Listing and Financial Details
- Legal Lot and Block 19 / 3
- Tax Tract Number 1
- Assessor Parcel Number 7209026023
Community Details
Overview
- No Home Owners Association
- 12 Units
- Wrigley Area Subdivision
Amenities
- Laundry Facilities
Recreation
- Park
Building Details
- 12 Leased Units
- Rent Control
- 12 Separate Electric Meters
- 12 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $1,345
- Insurance Expense $3,210
- Maintenance Expense $3,999
- Pest Control $696
- Professional Management Expense $11,170
- Trash Expense $2,628
- Water Sewer Expense $3,765
- New Taxes Expense $37,440
- Operating Expense $65,468
- Gross Income $203,400
- Net Operating Income $131,875
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 08/22/2023 08/22/23 | Sold | $3,250,000 | -9.7% | $308 / Sq Ft | |
| 06/01/2023 06/01/23 | Pending | -- | -- | -- | |
| 03/10/2023 03/10/23 | Price Changed | $3,599,000 | -10.0% | $341 / Sq Ft | |
| 11/29/2022 11/29/22 | For Sale | $3,999,000 | 0.0% | $379 / Sq Ft | |
| 09/09/2015 09/09/15 | Rented | $1,320 | +5.6% | -- | |
| 08/26/2015 08/26/15 | Off Market | $1,250 | -- | -- | |
| 08/24/2015 08/24/15 | For Rent | $1,250 | +28.2% | -- | |
| 03/05/2015 03/05/15 | Rented | $975 | +5.4% | -- | |
| 03/05/2015 03/05/15 | For Rent | $925 | 0.0% | -- | |
| 05/01/2014 05/01/14 | Sold | $1,700,000 | -2.9% | $161 / Sq Ft | View Prior Sale |
| 03/14/2014 03/14/14 | Pending | -- | -- | -- | |
| 02/12/2014 02/12/14 | For Sale | $1,750,000 | -- | $166 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
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 | $45,000 | $3,315,000 | $1,224,000 | $2,091,000 |
| 2024 | $45,000 | $3,250,000 | $1,200,000 | $2,050,000 |
| 2023 | $27,304 | $2,003,036 | $589,128 | $1,413,908 |
| 2022 | $25,656 | $1,963,762 | $577,577 | $1,386,185 |
| 2021 | $25,093 | $1,925,257 | $566,252 | $1,359,005 |
| 2019 | $24,732 | $1,868,155 | $549,457 | $1,318,698 |
| 2018 | $24,054 | $1,831,526 | $538,684 | $1,292,842 |
| 2016 | $22,099 | $1,760,408 | $517,767 | $1,242,641 |
| 2015 | $21,230 | $1,733,966 | $509,990 | $1,223,976 |
| 2014 | $19,266 | $1,536,946 | $502,270 | $1,034,676 |
Source: Public Records
Agents Affiliated with this Home
-
Mike Sadeghi
-
Avinash Narang
Buyer's Agent in 2023
Avinash Narang
BRC Advisors BH
(818) 288-0697
1 in this area
52 Total Sales
-
Gary Cordova
Seller's Agent in 2015
Gary Cordova
Cordova Realty Management
(562) 809-0996
2 Total Sales
-
William Van Tassel
W
Seller's Agent in 2014
William Van Tassel
Power Brokers Realty
(562) 433-8967
4 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC22247751
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
Nearby Homes
- 1924 Cedar Ave
- 1974 Henderson Ave
- 2015 Cedar Ave
- 2000 Pacific Ave
- 2175 Chestnut Ave
- 1868 Locust Ave
- 1636 Pacific Ave
- 1626 Pine Ave
- 302 E 19th St Unit 7
- 1757 Long Beach Blvd
- 1866 San Francisco Ave
- 1860 San Francisco Ave Unit 1
- 1640 Locust Ave
- 1566 Pine Ave Unit 202A
- 1602 Locust Ave
- 319 W 23rd St
- 2285 Earl Ave
- 410 E 21st St
- 405 E Esther St
- 1415 Cedar Ave
- 1918 Chestnut Ave Unit 301
- 1918 Chestnut Ave Unit 303
- 1918 Chestnut Ave Unit 206
- 1918 Chestnut Ave Unit 302
- 1918 Chestnut Ave Unit 202
- 1918 Chestnut Ave Unit 305
- 1918 Chestnut Ave Unit 203
- 1918 Chestnut Ave Unit 306
- 1910 Chestnut Ave
- 1910 Chestnut Ave Unit 3
- 1934 Chestnut Ave
- 1900 Chestnut Ave
- 1940 Chestnut Ave
- 325 W 19th St
- 1915 Cedar Ave
- 1911 Cedar Ave
- 1927 Cedar Ave
- 1911 Chestnut Ave
- 1935 Cedar Ave
- 1950 Chestnut Ave
Your Personal Tour Guide
Ask me questions while you tour the home.