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Listed by Anthony Walker • Buckingham Investments, Inc
$ 1,195,000
Est. payment /mo
New
1471 Chestnut Long Beach, CA 90813
4,276 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,276 sqft
Price per Sqft $279
MLS Listing ID CRSB25233625
HOA Y/N No
Year Built 1925
Lot Size 4,768 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
Cheapest full sized 5 unit in the whole city at only $279/square foot. 100% 2 bedroom units: three with 2 baths, two with 1 bath. Average unit size of over 850 square feet. Skip the smaller properties and go straight to commercial positive leverage with rates in the high 5%'s and a 6.2% cap rate on actual rents. Very strong in-place income at 9.8X GRM on actuals with 13% upside to 8.7X GRM and a market cap rate of 7.4%. Electrical main panels and sub-panels replaced in 2000. 3 out of 5 units remodeled and leased in the last 2 years. 5 garages in rear for 1:1 parking ratio. Convenient location in the Washington neighborhood 1 block from Washington Middle School, currently undergoing a massive $176M reconstruction project. Excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. Just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 billion. Over 60% of households within 5 miles are renters with an average household income of over $94,000 (CoStar).
Location
State CA
County Los Angeles
Interior
Cooling None
Fireplace No
Laundry No Hookups
Exterior
View None
Building
Lot Description Other
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