S
Seller's Agent in 2021
Scott Burns
JMS Manage Sell PC
(404) 784-3841
1 in this area
1 Total Sale
604 Chestnut Ave Long Beach, CA 90802
West Village Neighborhood
9
Beds
10
Baths
7,331
Sq Ft
5,019
Sq Ft Lot
Highlights
- 0.12 Acre Lot
- Cooling Available
- Heating Available
- No HOA
- Laundry Room
About This Home
As of December 2021** See Offering Memo in Supplements section ** Beautiful 604 Chestnut Avenue is a charming 11 unit, two-story apartment complex adjacent to dynamic downtown Long Beach. This property features a diverse roster of two studio apartments, seven 1-bedroom apartments, one 1-bedroom apartment with a loft, and one 2- bedroom house.
The building was constructed in 1918, has a rentable area of approximately, 7,331 SQ/FT, is built on a 5,019 SQ/FT lot, and is in absolutely turn-key condition to generate ample amounts of income from day one. Some of the units are also individually metered for gas and electricity.
The property has been substantially improved by its current owner who has owned it for over 6 years. During that time, the current owner has invested a total of over $146,000 in capital expenditures to the property, completing major renovations on 8 of 11 units and putting an additional $64k+ into the building exterior.
These improvements have yielded an increase of the annual rent roll from $104,808 in 2015 to $176,688 today (a 68% increase).
The property is being offered at a price of $2,500,000, which is an attractive 14.04 multiple of current gross rents (12.88 X on market rents) and a Cap Rate on current rents of 4.42% (5.01% on market rents).
Last Agent to Sell the Property
JMS Manage Sell PC License #01989612 Listed on: 06/18/2021
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1918
Lot Details
- 5,019 Sq Ft Lot
- Two or More Common Walls
- Density is 11-15 Units/Acre
Home Design
- Property Attached
Interior Spaces
- 7,331 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 9 Bedrooms
- 10 Bathrooms
Laundry
- Laundry Room
- Gas And Electric Dryer Hookup
Location
- Urban Location
Utilities
- Cooling Available
- Heating Available
- Natural Gas Connected
Listing and Financial Details
- Legal Lot and Block 18 / 38
- Tax Tract Number 38
- Assessor Parcel Number 7272022011
Community Details
Overview
- No Home Owners Association
- 3 Buildings
- 11 Units
- Downtown Subdivision
Building Details
- 11 Leased Units
- Rent Control
- 5 Separate Electric Meters
- 5 Separate Gas Meters
- Electric Expense $3,000
- Insurance Expense $4,800
- Professional Management Expense $4,800
- Trash Expense $1,000
- Water Sewer Expense $4,500
- Operating Expense $62,108
- Gross Income $110,564
- Net Operating Income $110,564
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 |
|---|---|---|---|---|---|
| 12/31/2021 12/31/21 | Sold | $2,375,000 | 0.0% | $324 / Sq Ft | |
| 09/12/2021 09/12/21 | Pending | -- | -- | -- | |
| 08/26/2021 08/26/21 | Price Changed | $2,375,000 | -1.0% | $324 / Sq Ft | |
| 07/13/2021 07/13/21 | Price Changed | $2,400,000 | -4.0% | $327 / Sq Ft | |
| 06/18/2021 06/18/21 | For Sale | $2,500,000 | +108.5% | $341 / Sq Ft | |
| 04/30/2015 04/30/15 | Sold | $1,199,000 | -7.7% | $163 / Sq Ft | View Prior Sale |
| 02/20/2015 02/20/15 | Pending | -- | -- | -- | |
| 12/30/2014 12/30/14 | For Sale | $1,299,000 | -- | $176 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
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 | $34,414 | $2,520,368 | $1,634,260 | $886,108 |
| 2024 | $32,900 | $2,470,950 | $1,602,216 | $868,734 |
| 2023 | $32,328 | $2,422,500 | $1,570,800 | $851,700 |
| 2022 | $30,348 | $2,375,000 | $1,540,000 | $835,000 |
| 2021 | $17,838 | $1,331,274 | $932,671 | $398,603 |
| 2019 | $17,580 | $1,291,789 | $905,008 | $386,781 |
| 2018 | $17,116 | $1,266,461 | $887,263 | $379,198 |
| 2016 | $15,745 | $1,217,284 | $852,810 | $364,474 |
| 2015 | $4,524 | $255,757 | $63,937 | $191,820 |
| 2014 | -- | $250,748 | $62,685 | $188,063 |
Source: Public Records
Agents Affiliated with this Home
-
Scott Burns
-
NoEmail NoEmail
N
Buyer's Agent in 2021
NoEmail NoEmail
None MRML
(646) 541-2551
3 in this area
6,219 Total Sales
-
Cameron Jacques
Seller's Agent in 2015
Cameron Jacques
Kinnery's Brokerage House
(562) 800-0838
1 in this area
51 Total Sales
-
Steve Warshauer
Seller Co-Listing Agent in 2015
Steve Warshauer
Coldwell Banker Commercial
(562) 495-6070
21 Total Sales
-
M
Buyer's Agent in 2015
Matthew Firth
JMS Manage Sell, PC
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW21131757
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
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