NOT LISTED FOR SALE

1918 Chestnut Ave Long Beach, CA 90806

South Wrigley Neighborhood
18 Beds
17 Baths
10,560 Sq Ft
8,150 Sq Ft Lot

Last Sold August 22, 2023

Last sale price $3,250,000 $308 Per Sq Ft

184 Days on Market

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

Mike Sadeghi

Pridemark Group License #01088115 Listed on: 11/29/2022

Last Buyer's Agent

Avinash Narang

BRC Advisors BH License #01448548

BRC Advisors BH

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

Property Details

Home Type

Apartment

Year Built

Built in 1987

Lot Details

0

Parking

19

Listing Details

  • Professional Management Expense: 11170.00
  • Property Attached: No
  • Subdivision Name Other: Wrigley Area (WR)
  • View: Yes
  • Water Sewer Expenses: 3765.00
  • Zoning: LBR2N
  • Architectural Style: Contemporary
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 7209026023
  • Year Built: 1987
  • Special Features: None

Interior Features

  • Common Walls: No Common Walls
  • Levels: Three Or More
  • Price Per Square Foot: 307.77

Exterior Features

  • View: City Lights
  • Pool Private: No
  • Roof: Composition, Shingle
  • Construction Materials: Stucco, Wood Siding

Garage/Parking

  • Garage Spaces: 19.00
  • Total Parking Spaces: 22.00
  • Uncovered Spaces: 3.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Pest Control Expense: 696.00
  • Sewer: Public Sewer
  • Trash Expense: 2628.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Park, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 11-15 Units/Acre
  • Lot Size Sq Ft: 8150.00
  • Lot Size Acres: 0.1871

Multi Family

  • Electric Expense: 1345.00
  • Gross Income: 203400.00
  • Gross Operating Income: 197343.00
  • Gross Scheduled Income: 203400.00
  • Insurance Expense: 3210.00
  • Laundry Equipment Own Lease: Own
  • Laundry Income: 1500.00
  • Lot Size Area: 8150.0000 Square Feet
  • Maintenance Expense: 3999.00
  • Net Operating Income: 131875.00
  • Number Of Separate Electric Meters: 12
  • Number Of Separate Gas Meters: 12
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 12
  • Number Of Units Total: 12
  • Operating Expense: 65468.00
  • Rent Control: Yes
  • Total Expenses: 65468.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 37440.00
  • Tax Area: 5501
  • Tax Block: 3
  • Tax Census Tract: 5730.04
  • Tax Lot: 19
  • Tax Tract Number: 1

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 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 Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • M

    Seller's Agent in 2023

    Mike Sadeghi

    Pridemark Group

    (949) 502-5999

    1 in this area

    23 Total Sales

    Mike Sadeghi
    Section Image
  • Avinash Narang

    Buyer's Agent in 2023

    Avinash Narang

    BRC Advisors BH

    (818) 288-0697

    1 in this area

    54 Total Sales

    Avinash Narang
    Section Image
  • Gary Cordova

    Seller's Agent in 2015

    Gary Cordova

    Cordova Realty Management

    (562) 809-0996

    1 Total Sale

    Gary Cordova
    Section Image

  • W

    Seller's Agent in 2014

    William Van Tassel

    Power Brokers Realty

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC22247751

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90806 South Wrigley

1918 Chestnut Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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