2351 Chestnut Avenue, Long Beach, CA 90806
Property · 2 recorded sales since 2014
Sold September 2021
Listing Agent: Andrew McAllister (DRE #01946829) · Listing Office: Nationwide Real Estate Execs · Contact: 888-314-8451 · Bought with: John Alden · Alden Pacific Investments, Inc. · MLS #RS21130500 · Source: CRMLS
About this property
2351 Chestnut is a charming Spanish style 6-unit property originally built in 1929 consisting of Six One-bedroom units, five individual garages and an on-site laundry facility. Five out of Six units were renovated from 2015-17, including refinished original hardwood floors, new kitchen cabinets, granite counters, updated bathrooms with new tiling, new vanities, and plumbing fixtures throughout. In addition, the main electrical panel was upgraded to a 200 AMP service and all new 60 AMP circuit breakers were installed in 2015. Full exterior paint and a new front gate were installed in 2019 and drought tolerant landscaping added in 2021. Rents remain approximately 28% below market, as current market rents are now significantly higher than at the time the five units were leased. This is a rare opportunity to purchase a clean Six-unit complex in a rapidly growing coastal California City with minimal capital improvements needed and strong upside in rents.
Listing description from the September 2021 sale, as reported to CRMLS.
Sale history
