1027 Chestnut Avenue, Long Beach, CA 90813

About this property

Incredible value add opportunity in the heart of Downtown Long Beach's "Drake Park" neighborhood. Roughly 25% upside in monthly income and a 6.68% cap rate at market rents. Three Buildings: (1) 3 Bed / 2 bath detached house, (5) - Studios and (2) - Studios above a 3 car garage. Unit 1027 was just remodeled with two-tone paint, vinyl plank floors, granite counters & updated fixtures and will be rented for $1095. Some units are modestly updated including new kitchen & bathroom tiling, refinished original hardwood flooring and crown molding in the detached house, new gas ranges and two-tone interior paint.

Listing description from the September 2018 sale, as reported to CRMLS.

Sale history

$1,240,000

Sold September 2018 · listed $1,388,000, on market April 2018 · MLS #RS18093079 · Source: CRMLS

Listing Agent: Andrew McAllister · Listing Office: Nationwide Real Estate Execs · Contact: 562-423-8134 · Bought with: Andrew McAllister · Nationwide Real Estate Execs

$750,000

Sold April 2014 · listed $759,000, orig. $845,000, on market May 2013 · MLS #PW13092197 · Source: CRMLS

Listing Agent: Steve Gamez · Listing Office: P.R.S. Properties · Contact: 562-439-0566 · Bought with: MARTIN STONE · BUCKINGHAM INVESTMENTS

$590,000

Sold December 2012 · listed $619,500, orig. $695,000, on market December 2011 · MLS #P806258 · Source: CRMLS

Listing Agent: Steve Gamez · Listing Office: P.R.S. Properties · Contact: 562-439-0566 · Bought with: Steve Gamez · P.R.S. Properties

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