2024 Chestnut Ave, Long Beach
Just reduced! Large 5 unit building with (3) 3-Bed Units, (1) Large 2-Bed Unit, and (1) 1-bed unit in the excellent neighborhood of South Wrigley. The building is conveniently located less than a mile from the 710 Freeway, less than 2 miles from the 405, and just 2 miles North of the beach. Attractive residential tree-lined street. The property is priced to sell at 10.86 GRM and a current cap rate of 5.66%. There is approximately 7% upside in income to a market cap rate of 6.3%. It has fresh exterior paint and the electrical system was just updated in September of 2024. There is also a detached garage building off of the back alley that has 4 spots in 3 separate garages. Perfect ADU opportunity.
Property Details
- Units: 5
- Gross Rent Multiplier: 10.86
- Cap Rate: 5.7%
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$1,350,000
Annual Income
$124,272
Annual NOI
$76,430
Annual Expense
$41,819
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 1 | $1,995 | $1,995 | $2,000 | $2,000 |
| 1 | 3 | 1 | $2,110 | $2,110 | $2,350 | $2,350 |
| 1 | 3 | 1 | $0 | $0 | $2,350 | $2,350 |
| 1 | 3 | 1 | $1,934 | $1,934 | $2,350 | $2,350 |
| 1 | 1 | 1 | $1,650 | $1,650 | $1,650 | $1,650 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 5 | 12 | 5 | $7,689 | $10,700 |
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