Long Beach, CA 90802 321 Chestnut Avenue
$949,000
Pending
14 more
Presented By: Michael Hickman with Seven Gables Real Estate; 949-322-0647
Home Details
Welcome to this charming 7-unit apartment building nestled in the heart of downtown Long Beach! Built in 1922, this classic architectural gem offers a unique value-add investment opportunity for those looking to reimagine its potential. With a total of 7 units spread across 4,262 square feet, this property presents a mix of 6 cozy studio units and one spacious 1-bedroom, 1-bathroom unit.
Each studio unit offers a comfortable living space, ideal for urban dwellers seeking simplicity and convenience. The one 1-bedroom unit provides a touch of luxury with additional space and privacy, perfect for a small family or a couple looking for a little extra room.
This historic building exudes character with its timeless architecture, showcasing the charm of a bygone era. From the elegant facade to the intricate detailing, this property captures the essence of classic Long Beach architecture. While the building retains its historic charm, it is in need of updating and renovation, offering a blank canvas for investors to create a modern oasis in a prime downtown location.
Situated in downtown Long Beach, residents will enjoy easy access to a vibrant array of dining, entertainment, and cultural attractions. With its proximity to public transportation, major highways, and bustling city life, this property offers an unbeatable location for urban living.
This is a rare value-add deal, providing investors the opportunity to increase the property's value through renovation, repositioning, and rental optimization. Don't miss out on the chance to own a piece of Long Beach history and transform it into a lucrative investment. Embrace the potential of this 7-unit apartment building and make your mark on downtown Long Beach living!
Presented By: Michael Hickman with Seven Gables Real Estate; 949-322-0647
Interior Features for 321 Chestnut Avenue
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsItem2CommonWalls
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesNone
Total Stories2
Other Rooms
Entry Level1
General for 321 Chestnut Avenue
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Carport Y/NNo
CityLong Beach
Community FeaturesSuburban
CountyLos Angeles
Days on Market11
DirectionsChestnut and 3rd
Electric Expense220.0
Entry Locationfront door
Fuel Expense0.0
Garage Spaces0.0
Garage Y/NNo
Gross Income57120.0
HOA0.0
HOA / Comm AssnNo
Home Warranty Y/NNo
Insurance Expense3894.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCashtoNewLoan
Lot Size Square Feet2780.0
MLS Area4 - Downtown Area, Alamitos Beach
MobileHomeRemainsYNNo
Net Operating Income28615.0
New ConstructionNo
Operating Expense28505.0
Pool FeaturesNone
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalMixedUse
Property SubTypeMixedUse
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerSewerTapPaid
Special Listing ConditionsStandard
Standard StatusPending
StatusPending
Stories2
Street NameChestnut Avenue
Subdivision NameDowntown (DT)
Tax Lot31
Taxes$11,875
Tenant PaysElectricity
Total Actual Rent4760.0
Total Units7
Trash Expense0.0
View Y/NNo
Water Sewer Expense0.0
Waterfront Y/NNo
Year Built1922
Year Built SourceAssessor
Exterior for 321 Chestnut Avenue
Building Area Total4262.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem610UnitsAcre
Lot Size Acres0.0638
Lot Size Area2780.0
Lot Size SourceAssessor
Lot Size UnitsSquareFeet
Number of Buildings1
Number of Separate Electric Meters7
Number of Separate Gas Meters1
Number of Separate Water Meters1
Open Parking Y/NNo
SpaNo
Total Parking0.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480