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444 Chestnut Ave
For Sale $3,698,000 ($310.03 per Sq Ft)
$3,698,000 ($310.03 per Sq Ft)
- 19 Units
- 11,928 Sq Ft
- 7,507 Sq Ft
- Unknown Cap Rate
Description
Priced to sell - 9.5 GRM and 6.4% CAP. EARN OVER A 10% CASH ON CASH RETURN AGAINST IN PLACE RENTS. 19 units located blocks from Downtown Long Beach in the Historic District. All units were completely redone in 2018/2019 and are beautifully remodeled. The interior hallways were redone as well and the Seller spent over $400K on CAP EX. New Water Heater in 2023 and over 100 feet of sewer line replaced. No work remains to be done. The building is a two-story walkup with no onsite parking, however, there are parking structures within blocks that tenants can rent from. The building also features onsite laundry in the basement. The building offers and excellent unit mix of Studio, 1 and 2 bed units. The property is Professionally Managed and very well maintained and features onsite laundry. It features a Walk score of 95 and is located just blocks from the bars and restaurants in Downtown Long Beach on Pine Ave. The building is master-metered for all utilities and a new owner could implement a RUBS program increasing the returns. Downtown Long Beach is in the middle of an $8BB Redevelopment with brand new Class A apartments and retail being developed within blocks of this location. Qualified Buyers can put down as little as 25%. EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,698,000 |
| Property Type | Multi-Family |
| Usable Sqft | 11,928 |
| Number of Stories | 3 stories |
| Parking Spots | 0 spots |
| Year Built | 1927 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7280011008 |
| MLS # | 26659109 |
| Property ID | 295655565 |
| Lot Sqft | 7,507 |
| Zoning | LBR4N |
| Total Units | 19 |
| Days on Market | 84 |
| Original List Price | $3,699,000 |
| Date Updated | March 30, 2026 |
| Date Created | March 03, 2026 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 2 | 1.00 | $2,050 | $2,050 |
| Unit #2 | 0 | 1.00 | $1,550 | $1,550 |
| Unit #3 | 1 | 1.00 | $1,750 | $1,750 |
| Gross Income (Yr) | $ 38,000 |
| Operating Expenses | $ 141,000 |
| Net Income (Yr) | $ 235,000 |
| Cap Rate | 6.40% |
Listing Provided By
Jonathan Swire an agent of . Lic #01336277
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