Sold

Closed

1918 Chestnut Avenue

Long Beach CA, 90806

$3,250,000


$307.77 per sqft

Sold

Closed

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 29, 2022

Listed

July 14, 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

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 7/14/2024. 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 7/14/2024 at 7:01 AM UTC

 

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