Long Beach, CA 90806,1918 Chestnut AVE
Long Beach, CA 90806,1918 Chestnut AVE
Long Beach, CA 90806,1918 Chestnut AVE
40
$3,250,000
$3,599,000
9.7%
Est.Price: ?

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10,560 SqFt

1918 Chestnut AVE Long Beach, CA 90806

Est. payment /mo
SOLD DATE : 08/22/2023

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Key Details

Sold Price $3,250,000

Property Type Condo

Sub Type Apartment

Listing Status Sold

Purchase Type For Sale

Square Footage 10,560 sqft

Price per Sqft $307

Subdivision Wrigley Area (Wr)

MLS Listing ID OC22247751

Sold Date 08/22/23

HOA Y/N No

Year Built 1987

Lot Size 8,150 Sqft

Property Description

$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.

Location

State CA

County Los Angeles

Area 5 - Wrigley Area

Zoning LBR2N

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 19.0

Garage Description 19.0

Pool None

Community Features Park, Urban

View Y/N Yes

View City Lights

Roof Type Composition,Shingle

Total Parking Spaces 22

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story Three Or More

Entry Level Three Or More

Sewer Public Sewer

Water Public

Architectural Style Contemporary

Level or Stories Three Or More

New Construction No

Others

Senior Community No

Tax ID 7209026023

Acceptable Financing 1031 Exchange

Listing Terms 1031 Exchange

Financing Conventional

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Mike Sadeghi • Pridemark Group
Bought with Avinash Narang • BRC Advisors BH

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Nicole Parent

Broker Associate | License ID: 01827226

+1(559) 930-7171

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