NOT LISTED FOR SALE

2383 Chestnut Ave Long Beach, CA 90806

South Wrigley Neighborhood
3 Beds
3 Baths
5,519 Sq Ft
6,534 Sq Ft Lot

Last Sold February 05, 2024

Last sale price $2,020,000 $366 Per Sq Ft

86 Days on Market

Highlights

  • Lawn
  • Laundry Room
  • Level Lot

About This Home

As of February 2024

2383 Chestnut Avenue is an 8-unit multifamily investment opportunity located in Long Beach, CA. 2383 Chestnut Avenue offers a mix of studio, one, and two-bedroom units with amenities including a spacious gated front yard, a sundeck, and five garage spaces. Additionally, these garage spaces provide new ownership with a potential additional revenue stream. Long Beach’s continued strong rental metrics, including a 2022 vacancy rate of just 4 percent and year-over-year rent growth of 8.5 percent, provide a new owner with the opportunity to take advantage of the substantial demand for rental units in the area. With current rents below market rates, 2383 Chestnut Avenue represents an attractive opportunity for a new owner. 2383 Chestnut Avenue benefits from its excellent location in the South Wrigley neighborhood of Long Beach. Residents enjoy convenient access to everyday needs at Wrigley Market, an Albertsons anchored retail center located blocks from the property. Additionally, 2383 Chestnut Avenue is just over 1.75 miles from the abundance of retail, dining, and entertainment options in Downtown Long Beach. Furthermore, the property benefits from its optimal location near Willow Street (Sepulveda Boulevard), Pacific Coast Highway, and Interstates 405 and 710, providing residents easy access to employment hubs throughout Southern California. In summary, 2383 Chestnut Avenue’s fantastic location offers residents a wide variety of activities, employment, transportation, and retail amenities, all of which will attract a diverse renter pool. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at 2383 Chestnut Avenue.

Last Agent to Sell the Property

Tyler Leeson

Marcus & Millichap RE Invest License #01451551 Listed on: 10/09/2023

Last Buyer's Agent

Gus Sverkos

Keller Williams Coastal Prop. License #02121918

Keller Williams Coastal Prop.

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1937

Lot Details

  • 6,534 Sq Ft Lot
  • No Common Walls
  • Level Lot
  • Lawn

Parking

  • 5 Car Garage

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 5,519 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 3 Bathrooms

Listing and Financial Details

  • Legal Lot and Block 14 / 2
  • Tax Tract Number 573
  • Assessor Parcel Number 7205014016
  • $1,453 per year additional tax assessments

Community Details

Overview

  • 8 Units
  • Wrigley Area Subdivision

Amenities

  • Laundry Facilities

Building Details

  • 8 Leased Units
  • Rent Control
  • 8 Separate Electric Meters
  • 8 Separate Gas Meters
  • Electric Expense $549
  • Fuel Expense $549
  • Insurance Expense $6,000
  • Maintenance Expense $6,000
  • Other Expense $6,253
  • Professional Management Expense $8,117
  • Trash Expense $549
  • Water Sewer Expense $548
  • New Taxes Expense $24,971
  • Operating Expense $53,536
  • Gross Income $167,324
  • Net Operating Income $108,813

Property Details

Home Type

Apartment

Year Built

Built in 1937

Lot Details

0

Parking

5

Listing Details

  • Assessments: Yes
  • Professional Management Expense: 8117.00
  • Property Attached: No
  • Subdivision Name Other: Wrigley Area (WR)
  • Water Sewer Expenses: 548.00
  • Zoning: LBR1N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 7205014016
  • Year Built: 1937
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 366.01

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 5.00
  • Total Parking Spaces: 5.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Trash Expense: 549.00
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Lawn, Level with Street
  • Lot Size Sq Ft: 6534.00
  • Lot Size Acres: 0.1500

Multi Family

  • Electric Expense: 549.00
  • Fuel Expense: 549.00
  • Gross Income: 167324.00
  • Gross Operating Income: 162350.00
  • Gross Scheduled Income: 165804.00
  • Insurance Expense: 6000.00
  • Laundry Income: 1200.00
  • Lot Size Area: 0.1500 Acres
  • Maintenance Expense: 6000.00
  • Net Operating Income: 108813.00
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Units Leased: 8
  • Number Of Units Total: 8
  • Operating Expense: 53536.00
  • Other Expense: 6253.00
  • Other Expense Description: Misc
  • Rent Control: Yes
  • Total Actual Rent: 13817.00
  • Total Expenses: 53536.00

Tax Info

  • New Taxes Expense: 24971.00
  • Tax Block: 2
  • Tax Census Tract: 5731.02
  • Tax Lot: 14
  • Tax Tract Number: 573...
  • TaxOtherAnnualAssessmentAmount: 1453.00

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 Prior Sale
02/05/2024 02/05/24 Sold $2,020,000 -3.8% $366 / Sq Ft
01/03/2024 01/03/24 Pending -- -- --
10/09/2023 10/09/23 For Sale $2,100,000 +195.8% $381 / Sq Ft
05/17/2012 05/17/12 Sold $710,000 -1.4% $128 / Sq Ft View Prior Sale
04/17/2012 04/17/12 Pending -- -- --
11/14/2011 11/14/11 For Sale $720,000 -- $130 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Tyler Leeson

    Seller's Agent in 2024

    Tyler Leeson

    Marcus & Millichap RE Invest

    (949) 419-3200

    1 in this area

    155 Total Sales

    Tyler Leeson
    Section Image
  • Gus Sverkos

    Buyer's Agent in 2024

    Gus Sverkos

    Keller Williams Coastal Prop.

    (562) 433-5325

    1 in this area

    3 Total Sales

    Gus Sverkos
    Section Image

  • J

    Seller's Agent in 2012

    Jeff Knowles

    Douglas Elliman of California

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC23188547

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

2383 Chestnut Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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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

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