Sold
1918 Chestnut Avenue
Long Beach CA, 90806
$3,250,000
$307.77 per sqft
Sold
10,560 sqft
Condo
Built in 1987
Listed by Mike Sadeghi with Pridemark Group 949-502-5999
$400,000 PRICE REDUCTION! ATTENTION INVESTORS and 1031 EXCHANGE BUYERS! POTENTIAL: Premium custom built with excellent floor plans, 12 units in the coastal city of Long Beach. Close to downtown, schools, memorial hospital, shopping and entertainment areas, close to Metro Line, 405 and 710 freeways. Building has over 10,000 sq ft of livable area over its 12 units. Here are 10 reasons why this can be the best investment in Long Beach!
1. More than 56% rental increase potential giving 6.7% Cap Rate (absentee owners).
2. Largest sq ft per unit in the area.
3. Lowest price per sq ft on sold or listed similar properties.
4. Fully secured and gated, with covered 19 car garage (3 uncovered spots).
5. Beautifully large 12 units, with 9 units 2B/2Ba, 1 unit 2B/1B and only 2 units 1B/1Ba.
6. On-site laundry.
7. Most units maintained well & remodeled (see supplement for details).
8. Custom built in 1987 and well maintained (not the 1930's and 40's).
9. Covered balconies, with some having awesome city views.
10. Extremely desirable and low vacancy rental area. Particularly because of secured and covered parking.
Excellent 1031 Exchange property for investors who want to become an owner in this city, which currently has over $8B in development occurring.
SUBJECT PROPERTY IS A 1031 EXCHANGE, NEW PROPERTIES ARE IDENTIFIED.
OC22247751
MLSⓇ ID
November 27, 2022
Listed
March 23, 2024
Updated
Map
1918 Chestnut Avenue
Long Beach CA, 90806
Interior Features
Total Stories
3
Laundry Description
Common Area
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.19 Acres
Lot Features
11-15 Units/Acre
Architectual Style
Contemporary
Roof
Composition, Shingle
Sewer
Public Sewer
Other Property Details
Area Name
5 - Wrigley Area
Days on Market
184
Garage
Yes
Garage Spaces
19
Parking Total
22
View
Yes
View Description
City Lights
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
LBR2N
Buyer Agency Compensation
2%
Listing History
Date | Event | Price |
---|---|---|
8/23/2023 | Price Change | $3,250,000 -10% |
8/23/2023 | Sold | $3,250,000 |
6/1/2023 | Pending | — |
Listing Contact: 949-502-5999
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 3/23/2024 at 1:21 AM UTC