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1885 Chestnut Ave, Long Beach, CA 90806
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1885 Chestnut Ave Long Beach, CA 90806

$2,200,000
  • 17 Beds
  • 8 Baths
  • 6,523 Sq.Ft.
For Sale
$2,200,000 Get Pre-Qualified
Map preview of 1885 Chestnut Ave, Long Beach, CA 90806

Property Overview: 1885 Chestnut Ave Long Beach, CA has 17 bedrooms, 8 bathrooms, 6,523 living square feet and 7,487 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: Amazing prime investment in this OPPORTUNITY ZONE. This 8-unit apartment complex has excellent unit mixes of (2) 3 bedrooms/1 bathroom, (5) 2 bedrooms/1 bathroom, and (1) 1 bedroom/1 bathroom. Units have been tastefully remodeled to go along with a brand NEW roof install last year in one of the buildings. A 2 bedroom unit will be delivered VACANT & remodeled. There is an onsite community laundry room. The rear has a 4 car garage with access to alley exit that can be converted to ADU's. All tenants are on month-to-month leases and consistently meet their obligations. Huge Rental Upside with 11.46 GRM AND 5.9% CAP. Don't miss out on this smart investment in a sought-after location.

Listed by Branden Chhuor | BRE #01948722 | Compass
Last checked: 6 minutes ago | Last updated: September 10th, 2024 | Source CRMLS | DOM: 106

Home details

Lot Sq. Ft
7,487
HOA Dues
$0/mo
Year built
1944
Garage
4 Car
Property Type:
Apartment
Status
Active
MLS#
PW24110236
City
Long Beach
County
Los Angeles
Time on Site
107 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 8
  • Total # of Buildings: 2
  • # of Leased Units: 7
  • # of Electric Meters: 8
  • # of Gas Meters: 8
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,056
  • Total Rent: $2,056
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,892
  • Total Rent: $1,892
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,375
  • Total Rent: $2,375
  • Pro Forma/Market Rent: $2,700
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,921
  • Total Rent: $1,921
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,037
  • Total Rent: $2,037
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,176
  • Total Rent: $2,176
  • Pro Forma/Market Rent: $2,700
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,000
Unit Breakdown 8
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,513
  • Total Rent: $1,513
  • Pro Forma/Market Rent: $1,600
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.86%
  • Gross Rent Multiplier: 11.46
  • Gross Scheduled Income: $192,000
  • Net Operating Income: $123,120
  • Gross Operating Income: $186,300
  • Vacancy Allowance: $5,700
  • # of Rented Garages: 4
  • Garage Rental Rate: $60
  • Garage Rental Income: $2,160
  • Laundry Income: $2,000
  • Laundry Own/Lease: Lease
Annual Expense Breakdown
  • Total Operating Expense: $63,180
  • Electric: $1,100
  • Gas/Fuel: $5,000
  • Licenses: $370
  • New Taxes: $25,700
  • Furniture Replacement: $0
  • Trash: $250
  • Cable TV: $0
  • Gardener: $1,200
  • Insurance: $14,000
  • Maintenance: $0
  • Workman's Comp: $0
  • Professional Management: $10,560
  • Water/Sewer: $5,000
  • Other Expenses: $5,000
  • Other Expense Description: Repairs

Open Houses for 1885 Chestnut Ave

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Property Details for 1885 Chestnut Ave

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • Has Heating
  • Central
Laundry Information
  • Has Laundry
  • Common Area, Community
Fireplace Information
  • No Fireplace
  • None
Room Information
  • Flooring: Laminate, Vinyl
  • All Bedrooms Down, All Bedrooms Up, Kitchen, Living Room
Kitchen Information
  • Has Appliances
  • Gas Oven
Interior Features
  • Ceiling Fan(s)
  • Levels: Two
  • Window Features: Double Pane Windows
  • Security Features: Window Bars
  • Door Features: Panel Doors
Exterior Features
Exterior Information
  • Roof: Shingle
  • Has Fence
  • Block
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 4
  • # of Parking Spaces: 4
  • Has Parking
  • Parking Features: Garage
Lot Information
  • Lot Features: 6-10 Units/Acre, Utilities - Overhead
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • No View
  • View: None
  • Common Walls: No Common Walls
  • Total # of Units: 8
  • Parcel Number: 7209028007
  • Year Built Source: Assessor
  • Architectural Style: Traditional
  • Entry Level: 1
  • Foundation Details: Slab
  • Property is not Attached
  • Accessibility Features: None
  • Property Condition: Updated/Remodeled
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected
Assessment Information
  • No Assessments
  • Assessments: None
Location / Neighborhood
Location Information
  • Subdivision Name: Wrigley Area (WR)
  • Directions: Corner of Chestnut & PCH
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
Neighborhood Information
  • Community Features: Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 1885 Chestnut Ave

Last sold for $435,000 on October 31st, 2002

  • June, 2024

  • Jun 3, 2024

    Date

    Active

    CRMLS: PW24110236

    $2,200,000

    Price

  • October, 2022

  • Oct 27, 2022

    Date

    Expired

    CRMLS: PW22141729

    $2,250,000

    Price

  • Jun 29, 2022

    Date

    Active

    CRMLS: PW22141729

    $2,350,000

    Price

  • Listing provided courtesy of CRMLS

    Subject consists of 6 units 2 beds, 1 bath. One unit 3 bed, 1 bath. One unit 1 bed, 1 bath (unpermitted) Rent $1,300. The one bedroom unit was devided from the 3 bedrooms unit for additional income (It can be easily converted back by removing one wall). One garage uses by owner. The other 3 garages are rented. Laundry income approx. $150.- per month. Some of the units have been updated.

  • October, 2002

  • Oct 31, 2002

    Date

    Sold (Public Records)

    Public Records

    $435,000

    Price

  • May, 2001

  • May 21, 2001

    Date

    Sold (Public Records)

    Public Records

    $354,000

    Price

Show More

Tax History for 1885 Chestnut Ave

Assessed Value (2020): $584,885
Year Land Value Improved Value Assessed Value
2020 $195,990 $388,895 $584,885

Home Value Compared to the Market

This property vs the competition

1885 Chestnut Ave is listed 182.05% higher than the median list price for the city of Long Beach which has a median list price of $780,000. The median price per/sqft for Long Beach is $646 and this home is listed at $337.27 per/sqft which puts the price per square foot 47.79% lower than the median price per square foot for the city of Long Beach.

About 1885 Chestnut Ave

Detailed summary of property

1885 Chestnut Ave is a apartment located in Long Beach, CA 90806 and is currently for sale. This apartment offers 17 bedrooms, 8 bathrooms, roughly 6,523 living square feet, and sits on an approximately 7,487 square foot lot. 1885 Chestnut Ave was first listed on ArdentRealEstateGroup.com on June 3, 2024. The homeowner is currently asking $2,200,000. The median priced home in Long Beach is $780,000 with a median price per square foot of $646. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 182.05% higher than the median priced home. Local competing homes currently for sale include 1616 E 4th St, 1512 N Stanton Pl and 1517 E 1st St. While the average home in Long Beach, CA is selling in 62 days, 1885 Chestnut Ave has a days on market of 106 days. There are currently 778 homes for sale in the Long Beach real estate market and 416 of them are single family homes while 337 of them are condos and 23 are townhomes. For more information on this home for sale at 1885 Chestnut Ave Long Beach, CA 90806 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1885 Chestnut Ave

Public county record property details
Beds
14
Baths
8
Year built
1944
Sq. Ft.
6,523
Lot Size
7,499
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
4
APN
7209-028-007

The source for these homes facts are from public records.

90806 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$749,900
Median List Price/Sq.Ft.
$531
Median Sold Price
$920,000
Median Sold Price/Sq.Ft.
$534
Total Inventory
20
Median Sale to List Price %
100%
Avg Days on Market
36
Loan Type
Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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(714) 706-1823

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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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