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1981 Chestnut Ave, Long Beach 90806

The Chestnut Avenue Apartments is an 8-unit apartment community located in the South Wrigley neighborhood. This area features the vibrant submarkets of West Gateway & DTLB. The building is situated on a 7,638 square foot parcel and is comprised of two 1bed/1bath units, four 2 bed/1 bath units and two 2 bed/2 bath units. The property is located within walking distance to bus lines, restaurants, and presents an opportunity to acquire a value-add asset that provides immediate cash flow. Located in the South Wrigley district in Long Beach, CA. Nearby parks include Cressa Park, David Burcham Field and Drake Park.

sold

UNITS: 8

GROSS RENT MULTIPLIER: 5

CAP RATE:

PRICE

$1,775,000

ANNUAL INCOME

$130,320

ANNUAL NOI

$80,110

ANNUAL EXPENSE

$43,694

Rental Cost Details

# OF UNITS # OF BEDROOMS # OF BATHS ACTUAL RENT TOTAL RENT PRO FORMA TOTAL PRO FORMA
211$2,345$4,690$2,600$5,200
421$5,600$22,400$6,200$24,800
222$2,790$5,580$3,400$6,800
TOTAL # OF UNITS TOTAL # OF BEDROOMS TOTAL # OF BATHS GRAND TOTAL RENT GRAND TOTAL PRO FORMA
854 $32,670 $36,800
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