1981 Chestnut Ave, Long Beach 90806
The Chestnut Avenue Apartments is an 8-unit apartment community located in the South Wrigley neighborhood. This area features the vibrant submarkets of West Gateway & DTLB. The building is situated on a 7,638 square foot parcel and is comprised of two 1bed/1bath units, four 2 bed/1 bath units and two 2 bed/2 bath units. The property is located within walking distance to bus lines, restaurants, and presents an opportunity to acquire a value-add asset that provides immediate cash flow. Located in the South Wrigley district in Long Beach, CA. Nearby parks include Cressa Park, David Burcham Field and Drake Park.
sold
UNITS: 8
GROSS RENT MULTIPLIER: 5
CAP RATE:
PRICE
$1,775,000
ANNUAL INCOME
$130,320
ANNUAL NOI
$80,110
ANNUAL EXPENSE
$43,694
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 2 | 1 | 1 | $2,345 | $4,690 | $2,600 | $5,200 |
| 4 | 2 | 1 | $5,600 | $22,400 | $6,200 | $24,800 |
| 2 | 2 | 2 | $2,790 | $5,580 | $3,400 | $6,800 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 8 | 5 | 4 | $32,670 | $36,800 |
