1279 - 1285 Chestnut Ave, Long Beach CA 90813

AMAZING DEAL!!

Well located 5 unit in Drake neighborhood of Long Beach less than one mile from downtown Long Beach, and in a dense rental market with low vacancy rate and strong income.  Near mult-billion dollar Civic Center development, new courthouse, and other exciting urban redevelopment projects.

Clean, professionally managed, newly renovated exterior and new roof.  

Excellent unit mix: Front building has 4 units - one 2BD/1BA unit and three 1BD/1BA units.  Rear building has a 2BD/1BA and three enclosed garages.  Approximately 2814 total sq. ft.. 

Owned laundry for additional income, separately metered for gas and electricity, and approximately 15% upside from current rents to market.  

 

 

Status: 
Sold
Price: 
$700,000
Units: 
5
Annual Income: 
52,668
Vacancy Rate: 
5%
Annual Expenses: 
$23,922
Annual NOI: 
$28,746
# of Units# of Bedrooms# of BathsUnit FurnishedGarageActual RentTotal RentPro Forma
221$1050$2100$2500
211$837$1675$1900
111$750$750$825
5$4525$5225