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Active
1070 Chestnut Avenue Long Beach, CA 90813
$3,500,000

Property listed by First Team Real Estate, Herbie Zadeh. IDX Contact: 949-240-7979

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  • David Oronoz

    David Oronoz

    Principal | Multifamily Investments

    DRE# 01838862

  • Bobby Aschtiani

    Bobby Aschtiani

    Principal | Multifamily Investments

    DRE# 02048373

  • Chris Pettit

    Chris Pettit

    Founder

    DRE# 01983950

Property Description

One Building with twelve (12), One (1) bedroom and one (1) bathroom apartments. Each apartment unit is rented out at about $1,500 per unit. The total rental income of the 12 unites @ current $1,500 is $18,000 per month. One unit gets a $500 discount (minus) for helping out with the property and the washer dryer income is about $500 (plus). So again, the total income is around $18,000 per month currently. Some upgrades have been done to the property since it was purchased a few years back. Six (6) units are on the ground floor and Six (6) units are upstairs. Parking is in the back and on a first come, first serve basis. Each apartment unit has separate utilities and they have separate water, gas and electric bills. Each tenant pays for their own utilities. Great location and just a couple of miles from the Pacific Ocean, great ocean breeze. Easy Access from multiple roads and lots of amenities to enjoy.

Property Details & Features

Property Type

  • Apartment

Year Built

  • 1956

Property Access

  • City Street
  • Paved

House

  • 2 total stories
  • Built in 1956
  • Stories: 2
  • 7477 total building sqft
  • 2+ Common Walls
  • Stucco
  • Two

Community

  • Curbs
  • Sidewalks

Cooling

  • No cooling

Disclosures

  • Familial Relation

Expenses

  • Insurance Expense: $6,000
  • Operating Expense: $6,000

Fence

  • Wood

Floors

  • Tile

Water

  • Ocean Side Of Freeway

Income

  • Gross Income: 0
  • Gross Scheduled Income: 216000
  • Net Operating Income: 210000

Interior Features

  • All Bedrooms Up
  • All Bedrooms Down
  • Bedroom on Main Level
  • Main Level Master

Laundry

  • Common Area
  • Laundry Room

Listing

  • Listing ID: OC22101403
  • Property Subtype: Apartment
  • Listed on 2022-05-13

Location

  • County: Los Angeles
  • Subdivision: North Long Beach (NLB)

Lot

  • 7477 sqft
  • 0.1716 acres
  • Area: 7477
  • 11-15 Units/Acre
  • Level
  • Rectangular Lot

Parking

  • 6 open parking spaces
  • 6 total parking spaces
  • Unassigned
  • Uncovered

Property

  • Single building
  • 12 units
  • Property attached
  • Trees/Woods

Sewer

  • Public Sewer

Tenant Pays

  • All Utilities

Utilities

  • 12 separate electric meters
  • 12 separate gas meters
  • 12 separate water meters
  • Cable Connected
  • Electricity Connected
  • Natural Gas Connected
  • Phone Connected
  • Sewer Connected
  • Water Connected

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