747 Chestnut Avenue, Beaumont, CA 92223

About this property

Well maintained, 28-unit apartment complex. The property, known as The Royal Oak Apartments, was constructed in ±1989 and features a garden apartment setting with multiple buildings positioned around a landscaped courtyard. The site includes two contiguous parcels that have been operated as a single economic entity since their construction. The building structures are two-story, walk-up construction that have been well maintained by the original owner / developer. Each individual apartment unit features ±854 SF of living area, with two bedrooms, one bath, and full kitchen with built-in appliances. Approximately 64% of the units have been completely renovated / updated with the balance of the units having been partially updated over the years. Amenities include a gated in-ground pool and spa, shared recreation room with full kitchen, and laundry room with four coin-operated washers and four dryers. The property has a history of near-100% occupancy and is currently operating at 93% (two vacant units). Both vacant units are undergoing complete renovations that will be completed by the close of escrow. The property has significant upside potential to substantially increase net income. Contract rents are currently below market and can be raised upon tenant turnover. Additionally, the existing recreation room has the potential for conversion to an accessory dwelling unit (ADU) with an existing kitchen and bath already in place. Located within the heart of the rapidly growing “San Gorgonio Pass”, the city of Beaumont is ranked as the #5th fastest growing city in California. Due to its infill location, the property is convenient to a variety of newer retail development, local area schools, and other neighborhood conveniences.

Listing description from the March 2023 sale, as reported to CRMLS.

Sale history

$4,700,000

Sold March 2023 · listed $5,040,000, on market February 2023 · MLS #EV23026577 · Source: CRMLS

Listing Agent: JIM TOWERS · Listing Office: TOWERS & ASSOCIATES · Contact: 909-223-9328 · Bought with: Joseph Chavez · Parker Integrity

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