$1,175,000
$1,199,000
2.0%For more information regarding the value of a property, please contact us for a free consultation.
7,405 Sqft Lot
SOLD DATE : 04/30/2021
Key Details
Sold Price $1,175,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID SB20240042
Sold Date 04/30/21
HOA Y/N No
Year Built 1917
Lot Size 7,405 Sqft
Acres 0.17
Property Description
1620 Chestnut is a large 4-unit investment property located in Long Beach, CA. Situated on a large 7,503 square foot lot, the subject property boasts a strong unit mix of (3) 2BD/1BA units and (1) 3BD/1BA unit. One of the 2BD units has been immaculately redone by the owner and will be delivered vacant. The property has multiple tenant amenities including laundry hookups in 3 of 4 units, and 4 detached garages. The owner has kept all capital systems in good condition. Property is being sold at a 4.2% CAP rate and 15.67 GRM with a 23% upside in rents to a market CAP rate of 5.9% and a 12.11 GRM. This building makes a great addition to any investor's portfolio.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR4N
Rooms
Ensuite Laundry See Remarks
Interior
Laundry Location See Remarks
Fireplace No
Laundry See Remarks
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Urban
Total Parking Spaces 4
Private Pool No
Building
Lot Description 2-5 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7269039005
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Conventional
Special Listing Condition Standard
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Bought with Kristen Mussenden • Buckingham Investments, Inc
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "