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Listed by Pat Swanson • Pat Swanson
$ 1,825,000
Est. payment /mo
Price Dropped by $14K
2200 Chestnut Long Beach, CA 90806
5,504 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 5,504 sqft
Price per Sqft $331
MLS Listing ID OC-25078995
Year Built 1932
Lot Size 6,500 Sqft
Property Sub-Type Apartment
Property Description
Beautifully restored Spanish Revival 6-unit complex in Long Beach's historic South Wrigley neighborhood. Features (4) large 2-bed/1-bath and (2) 1-bed/1-bath units totaling 5,504 SF. Upgrades include new electrical panels, copper plumbing, on-site laundry, and garages. Assumable financing at 3.20% fixed through May 2026, then 4.20% until Nov 2026, 5.20% until May 2027, and 6.20% until Nov 2027. Current 5.10% cap rate with upside to 6.67% pro forma. Additional income could be achieved through RUBS, pet rent, parking, and potential ADU development where existing garages are located. Excellent location near Downtown, transit, and schools--strong cash flow and long-term upside.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Interior
Laundry Common Area, Individual Room
Exterior
Parking Features Gated
Garage Spaces 5.0
Pool None
Community Features Biking, Gutters, Sidewalks, Urban
Building
Lot Description 6-10 Units/Acre
Sewer Other, Public Sewer