500 Chestnut Avenue
500 Chestnut Avenue
Description
500 Chestnut Avenue is located in the Northeast region of Los Angeles County, adjacent to popular affluent neighborhoods like South Pasadena, Pasadena, and Glendale. Highland Park is one of LA’s fastest growing rental markets and highly sought after by young professionals and creatives. The property enjoys immediate access to the 110 freeway...We are proud to present the opportunity to purchase 500 Chestnut Avenue, a 20-unit multifamily community in the Highland Park submarket of Los Angeles County.
500 Chestnut Avenue is located in the Northeast region of Los Angeles County, adjacent to popular affluent neighborhoods like South Pasadena, Pasadena, and Glendale. Highland Park is one of LA’s fastest growing rental markets and highly sought after by young professionals and creatives. The property enjoys immediate access to the 110 freeway – connecting to freeways 210, 10, 5, and 101 allowing convenient commutes to DTLA, San Fernando Valley, and San Gabriel Valley. Nearby attractions include The Rose Bowl, Huntington Library, Pasadena’s Playhouse Village, Dodger Stadium, Glendale Galleria, and much more. Cal State University of LA is also located within 6 miles of the property. Additionally, the property is located just blocks from heavy retail corridors on York Blvd, Figueroa Street, and a short drive to heavy retail corridors in Pasadena. Some local retailers include Trader Joes, Starbucks, CVS, Smart & Final, and several chain and boutique restaurants. Also within a short 10-minute drive are several schools, parks, medical facilities, and big box retailers.
500 Chestnut Avenue is a 2-story garden-style multifamily community - offering approximately 16,840 SF of rentable living space spanning across approximately 30,000 SF of land. The property features 8, 1-bedroom/1- bathroom units, 5, 2-bedroom/1-bathroom units, and 7, 2-bedroom/1.5-bathroom units averaging 619, 860, and 900 square feet, respectively. Tenants in the community enjoy amenities such as secured gated access, ample on-site parking, an on-site laundry facility, access to on-site management, open space, and well-maintained matured landscaping. Select units feature renovated floorplans that include amenities like new hardwood-like flooring, foot moldings, recessed lighting, quartz countertops, newer kitchen cabinetry, kitchen appliances, upgraded bathrooms with vanity lighting and tiled shower walls, hallway storage, walk-in closets, mirrored closet doors, ceiling fans, wall AC units, and more.
- Listed by ERIC CHEN • DRE #01489184 • Brokerage DRE #00409987 • CB RICHARD ELLIS • 626-757-5717
Property Details for 500 Chestnut Avenue
Location
Property Details for 500 Chestnut Avenue
| Status | Active |
|---|---|
| MLS # | CV24031120 |
| Days on Market | 74 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1930 |
| County | Los Angeles County |
Location
Building Information for 500 Chestnut Avenue
Payment Calculator
$28,921 per month
30 year fixed, 7.25% Interest
$27,833
$1,088
$0
Property Information for 500 Chestnut Avenue
- Gross Income: $404,295
- Gross Scheduled Income: $404,295
- Vacancy Allowance: 12129
- Gross Operating Income: $392,166
- Net Operating Income: $230,708
- Laundry Income: $3,640
- Other Income 1: $1,900
- Gross Multiplier: 12.79
- Cap Rate: 4.52
- Operating Expense: $161,458
- New Taxes Expense: $63,953
- Gardener Expense: $2,120
- Fuel Expense: $7,007
- Pest Control Expense: $1,180
- Electric Expense: $12,516
- Insurance Expense: $7,373
- Maintenance Expense: $15,000
- Professional Management Expense: $19,325
- Other Expense: $4,000
- Other Expense Description: Reserves
- Trash Expense: $9,211
- Water Sewer Expense: $12,515
- Supplies Expense: $7,134
- Total Expenses: $161,458
- Tax Block: 15
- Tax Tract Number: 183103
- Tax Census Tract: 1831.03
- CFD/Mello-Roos Fee: $2,784
- Tax Lot: 12
- Community Features: Curbs, Sidewalks
- Laundry: Yes
- Laundry Features: Common Area
- Cooling: Wall/Window Unit(s)
- Heating Type: Wall
- Heating: Wall Furnace
- Entry Location: 1
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Spa Features: None
- Lot Features: 16-20 Units/Acre
- Number Of Units: 20
- Land Lease: No
- Land Lease Type: Fee
- Levels: Two
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 0
- Uncovered Spaces: 33
- Open Other Spaces Total: 33
- Parking Garage Spaces: 0
- Carport Spaces: 0
- Unit Type Units Total: 8
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,642
- Unit Type Total Rent: $157,639
- Unit Type Pro Forma: 2194
- Unit Type Type: 1
- Unit Type Units Total: 5
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,587
- Unit Type Total Rent: $95,191
- Unit Type Pro Forma: 2400
- Unit Type Type: 2
- Unit Type Units Total: 7
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,737
- Unit Type Total Rent: $145,925
- Unit Type Pro Forma: 2595
- Unit Type Type: 3
- Number Of Units Leased: 19
- Rent Controlled: Yes
- Number Of Buildings: 3
- Number Of Separate Electric Meters: 20
- Number Of Separate Gas Meters: 20
- Number Of Separate Water Meters: 1
Property History for 500 Chestnut Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 500 Chestnut Avenue
Schools near 500 Chestnut Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 12 | |||
| Public - | 6 to 8 | |||
| Charter - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Benjamin Franklin Senior High School Public6 to 12 | ||
Luther Burbank Middle School Public6 to 8 | ||
Los Angeles International School Charter9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
Similar Homes
Similar Sold Homes
Homes for Sale near Highland Park
Neighborhoods
Cities
No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.
Listing Courtesy of CB RICHARD ELLIS, ERIC CHEN, DRE #01489184
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.