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2351 Chestnut AVE Long Beach, CA 90806
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Key Details
Sold Price $1,365,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 2,754 sqft
Price per Sqft $495
Subdivision Wrigley Area (Wr)
MLS Listing ID RS21130500
Sold Date 09/22/21
HOA Y/N No
Year Built 1929
Lot Size 6,499 Sqft
Acres 0.1492
Property Description
2351 Chestnut is a charming Spanish style 6-unit property originally built in 1929 consisting of Six One-bedroom units, five individual garages and an on-site laundry facility. Five out of Six units were renovated from 2015-17, including refinished original hardwood floors, new kitchen cabinets, granite counters, updated bathrooms with new tiling, new vanities, and plumbing fixtures throughout. In addition, the main electrical panel was upgraded to a 200 AMP service and all new 60 AMP circuit breakers were installed in 2015. Full exterior paint and a new front gate were installed in 2019 and drought tolerant landscaping added in 2021. Rents remain approximately 28% below market, as current market rents are now significantly higher than at the time the five units were leased. This is a rare opportunity to purchase a clean Six-unit complex in a rapidly growing coastal California City with minimal capital improvements needed and strong upside in rents.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR1N
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Wall Furnace
Cooling None
Flooring Wood
Fireplace No
Laundry Common Area
Exterior
Garage Assigned, Garage
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Curbs, Gutter(s), Storm Drain(s), Street Lights, Sidewalks, Urban
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Roof Type Flat
Parking Type Assigned, Garage
Total Parking Spaces 5
Private Pool No
Building
Lot Description Landscaped, Rectangular Lot, Street Level
Story 1
Entry Level One
Sewer Public Sewer, Sewer Assessment(s)
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 7205014020
Energy Description 1806.0
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with John Alden • Alden Pacific Investments, Inc.
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