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1918 Chestnut AVE Long Beach, CA 90806
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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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Bought with Avinash Narang • BRC Advisors BH