1471 Chestnut Ave, Long Beach
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 subpanels 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).
Price
$1,195,000
Annual Income
$121,812
Annual NOI
$74,066
Annual Expense
$41,656
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 2 | $2,120 | $2,120 | $2,250 | $2,250 |
| 1 | 2 | 1 | $1,816 | $1,816 | $2,100 | $2,100 |
| 1 | 2 | 1 | $2,100 | $2,100 | $2,100 | $2,100 |
| 1 | 2 | 2 | $2,230 | $2,230 | $2,250 | $2,250 |
| 1 | 2 | 2 | $1,885 | $1,885 | $2,250 | $2,250 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 5 | 10 | 8 | $10,151 | $10,950 |
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