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508 Chestnut Ave, Los Angeles, CA 90042
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508 Chestnut Ave Los Angeles, CA 90042

$1,450,000
  • 7 Beds
  • 6 Baths
  • 3,615 Sq.Ft.
For Sale
$1,450,000 Get Pre-Qualified
Map preview of 508 Chestnut Ave, Los Angeles, CA 90042

Property Overview: 508 Chestnut Ave Los Angeles, CA has 7 bedrooms, 6 bathrooms, 3,615 living square feet and 7,508 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: Look no more! We are proud to present this charming 6-unit apartment building, which includes a Single-Family House in front and 5 apartments in the rear. This Highland Park complex presents a lucrative value-add investment opportunity in a prime location. The property has a desirable layout that contributes to ease of management and operational efficiency, making the property a great addition to first time investors or seasoned owners adding to the portfolio. The SFR in the front is 2 bed / 1 bath, and all the units in the back building are 1 bed / 1 bath. This asset is individually metered for gas / electricity and has individual water heaters in each unit. This Value-Add property has 40% upside in rents, and Highland Park has seen significant growth over the last 10 years and shows no sign of slowing down! This market attracts a diverse demographic, including young professionals, families, and students, ensuring consistent demand for rental units. The property offers a commuter friendly location with a short distance to the 110 fwy and close to the Highland Park & South Pasadena Metro Gold line stop. Property was built in 1940 & 1961.

Listed by Justin McCardle | BRE #01895720 | Growth Investment Group Pasade
Last checked: 5 minutes ago | Last updated: April 17th, 2024 | Source CRMLS | DOM: 17
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Home details

Lot Sq. Ft
7,508
HOA Dues
$0/mo
Year built
1961
Garage
--
Property Type:
Apartment
Status
Active
MLS#
AR24076130
City
Los Angeles
County
Los Angeles
Time on Site
22 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 6
  • Total # of Buildings: 1
  • # of Electric Meters: 7
  • # of Gas Meters: 7
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,258
  • Total Rent: $2,258
  • Pro Forma/Market Rent: $2,600
Unit Breakdown 2
  • # of Units: 5
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,239
  • Total Rent: $6,197
  • Pro Forma/Market Rent: $1,850
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $101,470
  • Net Operating Income: $56,521
  • Gross Operating Income: --
  • Laundry Income: $2,977
  • Laundry Own/Lease: Lease
Annual Expense Breakdown
  • Total Operating Expense: $44,790
  • Electric: $797
  • Gas/Fuel: $817
  • Trash: $5,130
  • Insurance: $666
  • Professional Management: $0
  • Water/Sewer: $6,906

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Property Details for 508 Chestnut Ave

Interior Features
Laundry Information
  • Has Laundry
  • Common Area
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 3
  • Has Parking
  • Parking Features: Carport, Driveway
Lot Information
  • Lot Features: Lot 6500-9999
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 6
  • Parcel Number: 5493033011
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: off York and San Pascual
Neighborhood Information
  • Community Features: Dog Park, Hiking, Stable(s), Urban
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Sale History for 508 Chestnut Ave

Last sold on February 6th, 2015

  • April, 2024

  • Apr 16, 2024

    Date

    Active

    CRMLS: AR24076130

    $1,450,000

    Price

  • February, 2015

  • Feb 6, 2015

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • November, 2014

  • Nov 7, 2014

    Date

    Sold (Public Records)

    Public Records

    $745,000

    Price

  • May, 2014

  • May 15, 2014

    Date

    Price Change

    CRMLS: 214013881

    $830,000

    Price

  • Apr 9, 2014

    Date

    Price Change

    CRMLS: 214013881

    $899,000

    Price

  • Listing provided courtesy of CRMLS

    6 Units in the San Pascual area of Highland Park with a house in the front and a 5 unit building in the back of this house that are all 1 bedroom with a patio area that could be converted into a bedroom. building is newly painted outside. there is a coin laundry on premises.

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Tax History for 508 Chestnut Ave

Assessed Value (2020): $818,857
Year Land Value Improved Value Assessed Value
2020 $439,575 $379,282 $818,857

Home Value Compared to the Market

This property vs the competition

508 Chestnut Ave is listed 17.41% higher than the median list price for the city of Los Angeles which has a median list price of $1,235,000. The median price per/sqft for Los Angeles is $774 and this home is listed at $401.11 per/sqft which puts the price per square foot 48.18% lower than the median price per square foot for the city of Los Angeles.

About 508 Chestnut Ave

Detailed summary of property

508 Chestnut Ave is a apartment located in Los Angeles, CA 90042 and is currently for sale. This apartment offers 7 bedrooms, 6 bathrooms, roughly 3,615 living square feet, and sits on an approximately 7,508 square foot lot. 508 Chestnut Ave was first listed on ArdentRealEstateGroup.com on April 17, 2024. The homeowner is currently asking $1,450,000. The median priced home in Los Angeles is $1,235,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 17.41% higher than the median priced home. Local competing homes currently for sale include 4943 Granada St, 4914 Mendota Ave and 5231 Loleta Ave. While the average home in Los Angeles, CA is selling in 94 days, 508 Chestnut Ave has a days on market of 17 days. There are currently 3580 homes for sale in the Los Angeles real estate market and 2422 of them are single family homes while 1059 of them are condos and 93 are townhomes. For more information on this home for sale at 508 Chestnut Ave Los Angeles, CA 90042 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 508 Chestnut Ave

Public county record property details
Beds
5
Baths
5
Year built
1961
Sq. Ft.
3,615
Lot Size
7,509
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
10
APN
5493-033-011

The source for these homes facts are from public records.

90042 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,075,000
Median List Price/Sq.Ft.
$743
Median Sold Price
$1,000,000
Median Sold Price/Sq.Ft.
$858
Total Inventory
90
Median Sale to List Price %
125.16%
Avg Days on Market
32
Loan Type
Conventional (31.25%), FHA (6.25%), VA (0%), Cash (12.5%), Other (12.5%)

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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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