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1600 Chestnut Ave, Long Beach, CA 90813
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1600 Chestnut Ave Long Beach, CA 90813

$1,850,000 Sold Price as of 03/20/2024
  • 13 Beds
  • 11 Baths
  • 7,220 Sq.Ft.
Sold
$1,850,000 Sold Price as of 03/20/2024 Refinance Your Mortgage
Map preview of 1600 Chestnut Ave, Long Beach, CA 90813

Property Overview: 1600 Chestnut Ave Long Beach, CA has 13 bedrooms, 11 bathrooms, 7,220 living square feet and 7,405 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 1600 Chestnut Avenue is an 11-unit multifamily investment opportunity located in Long Beach, CA. Situated on a 0.17-acre parcel, 1600 Chestnut Avenue features a mix of 9, one-bedroom units and 2, two-bedroom units above 4 garage spaces in the rear of the property. The property offers an attractive range of amenities including an on-site laundry facility, gated pedestrian access, and three garage spaces in the rear of the property. These garage spaces offer ownership the opportunity for significant additional income. The property represents a unique value-add opportunity with ample upside. With current rents well below market rates, new ownership could complete a comprehensive renovation of the units, allowing them to achieve significant rental premiums compared to non-renovated units. 1600 Chestnut Avenue benefits from its excellent location, just North of Downtown Long Beach, providing residents with convenient access to an abundance of retail, dining, and entertainment options, as well as employers. 1600 Chestnut Avenue is available in conjunction with the adjacent 2-unit property located at 1584 Chestnut Avenue.

Listed by Tyler Leeson | BRE #01451551 | Marcus & Millichap RE Invest
Last checked: 10 minutes ago | Last updated: March 20th, 2024 | Source CRMLS | DOM: 2

Home details

Lot Sq. Ft
7,405
HOA Dues
$0/mo
Year built
1948
Garage
3 Car
Property Type:
Apartment
Status
Sold
MLS#
OC24033371
City
Long Beach
County
Los Angeles
Time on Site
92 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 11
  • Total # of Buildings: 1
  • # of Electric Meters: 11
  • # of Gas Meters: 1
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 9
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 2
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $10,835
  • Total Rent: $10,835
  • Pro Forma/Market Rent: $14,355
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $3,120
  • Total Rent: $3,120
  • Pro Forma/Market Rent: $4,190
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.67%
  • Gross Rent Multiplier: 11.85
  • Gross Scheduled Income: $167,460
  • Net Operating Income: $93,327
  • Gross Operating Income: $162,436
  • Vacancy Allowance: $5,024
  • Other Income 1: $1,354
  • Other Income Description: Misc
Annual Expense Breakdown
  • Total Operating Expense: $70,464
  • Gas/Fuel: $3,697
  • New Taxes: $24,886
  • Trash: $3,697
  • Insurance: $3,697
  • Maintenance: $6,600
  • Professional Management: $8,190
  • Water/Sewer: $3,698
  • Other Expenses: $15,999
  • Other Expense Description: Misc

Property Details for 1600 Chestnut Ave

Interior Features
Laundry Information
  • Has Laundry
  • Community
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 3
  • # of Parking Spaces: 3
Lot Information
  • Lot Features: Level with Street
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 11
  • Parcel Number: 7269039008
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: Cross Streets of Chestnut Avenue & West 15th Street
Neighborhood Information
  • Community Features: Curbs, Gutters, Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 1600 Chestnut Ave

Last sold for $1,850,000 on March 20th, 2024

  • March, 2024

  • Mar 20, 2024

    Date

    Sold

    CRMLS: OC24033371

    $1,850,000

    Price

  • Feb 16, 2024

    Date

    Active

    CRMLS: OC24033371

    $2,000,000

    Price

Tax History for 1600 Chestnut Ave

Assessed Value (2020): $708,813
Year Land Value Improved Value Assessed Value
2020 $283,522 $425,291 $708,813

Home Value Compared to the Market

This property vs the competition

1600 Chestnut Ave sold on March 20, 2024 for 150% higher than the current median sold price for the city of Long Beach which is $800,000. The median sold price per/sqft for Long Beach is $632 and this home is sold at $277.01 per/sqft which puts the price per square foot 56.17% lower than the current median sale per square foot for the city of Long Beach.

About 1600 Chestnut Ave

Detailed summary of property

1600 Chestnut Ave is a apartment that recently sold in Long Beach, CA 90813. This apartment offered 13 bedrooms, 11 bathrooms, roughly 7,220 living square feet, and sits on an approximately 7,405 square foot lot. 1600 Chestnut Ave was first listed on ArdentRealEstateGroup.com on February 16, 2024. The homeowner sold the property for $1,850,000. Home in Long Beach are selling for a median price of $800,000 and a median price per square foot of $632. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 150% higher than the current median priced home. Local homes that are currently for sale include 1825 Cherry Ave, 468 Gaviota Ave and 1616 E 4th St. While the average home in Long Beach, CA is selling in 51 days, 1600 Chestnut Ave has a days on market of 2 days. There are currently 639 homes for sale in the Long Beach real estate market and 366 of them are single family homes while 259 of them are condos and 14 are townhomes. For more information on this home for sale at 1600 Chestnut Ave Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1600 Chestnut Ave

Public county record property details
Beds
13
Baths
11
Year built
1948
Sq. Ft.
7,220
Lot Size
7,503
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
11,12
APN
7269-039-008

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$570,000
Median List Price/Sq.Ft.
$546
Median Sold Price
$584,000
Median Sold Price/Sq.Ft.
$592
Total Inventory
34
Median Sale to List Price %
108.35%
Avg Days on Market
23
Loan Type
Conventional (80%), FHA (10%), VA (10%), Cash (0%), Other (0%)

Thinking of Selling?

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(714) 706-1823

Homes for Sale Near 1600 Chestnut Ave

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Recently Sold Homes Near 1600 Chestnut Ave

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2 Baths
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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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