508 Chestnut Avenue

Los Angeles, CA 90042

$1,450,000
Price
3
Beds
6
Baths
3,615 Sq. Ft.
$401 / Sq. Ft.
3,615
Sq. Ft.
$401
per Sq. Ft.

Description

Look no more! We are proud to present this charming 6-unit apartment building, which includes a Single-Family House in front and 5 apartments in the rear. This Highland Park complex presents a lucrative value-add investment opportunity in a prime location. The property has a desirable layout that contributes to ease of management and operational efficiency, making the property a great addition to first time investors or seasoned owners adding to the portfolio. The SFR in the front is 2 bed / 1 bath,...Look no more! We are proud to present this charming 6-unit apartment building, which includes a Single-Family House in front and 5 apartments in the rear. This Highland Park complex presents a lucrative value-add investment opportunity in a prime location. The property has a desirable layout that contributes to ease of management and operational efficiency, making the property a great addition to first time investors or seasoned owners adding to the portfolio. The SFR in the front is 2 bed / 1 bath, and all the units in the back building are 1 bed / 1 bath. This asset is individually metered for gas / electricity and has individual water heaters in each unit. This Value-Add property has 40% upside in rents, and Highland Park has seen significant growth over the last 10 years and shows no sign of slowing down! This market attracts a diverse demographic, including young professionals, families, and students, ensuring consistent demand for rental units. The property offers a commuter friendly location with a short distance to the 110 fwy and close to the Highland Park & South Pasadena Metro Gold line stop. Property was built in 1940 & 1961.
  1. Listed by Justin McCardle • DRE #01895720 • Brokerage DRE #02201380 • Growth Investment Group Pasade

Property Details for 508 Chestnut Avenue

Parking Spaces Total
3
Private Pool
No
Total Units
6.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
3615
Assessor Parcel Number
5493-033-011
Property Attached YN
true

Location

Listing Courtesy of Growth Investment Group Pasade, Justin McCardle, DRE #01895720
Add your commute
LISTING UPDATED: 04/16/2024 12:59 PM

Property Details for 508 Chestnut Avenue

StatusActive
MLS #AR24076130
Days on Market16
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1961
CountyLos Angeles County

Location

Listing Courtesy of Growth Investment Group Pasade, Justin McCardle, DRE #01895720
Add your commute

Building Information for 508 Chestnut Avenue

Building/Complex508 Chestnut AveFloor-Stories2Residences-Pet Policy-Year Built1961Building Size-

Payment Calculator

$8,855 per month

30 year fixed, 7.25% Interest

Principal and Interest

$7,913

Property Taxes

$942

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 508 Chestnut Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $104,447
  • Gross Scheduled Income: $101,470
  • Net Operating Income: $56,521
  • Laundry Income: $2,977
Expense Details
  • Operating Expense: $44,790
  • Fuel Expense: $817
  • Electric Expense: $797
  • Insurance Expense: $666
  • Professional Management Expense: $0
  • Trash Expense: $5,130
  • Water Sewer Expense: $6,906
  • Total Expenses: $44,790
Tax / Assessment Info
  • Tax Block: 15
  • Tax Tract Number: 1831
  • Tax Census Tract: 1831.03
  • CFD/Mello-Roos Fee: $980
  • Tax Lot: 10
Community / Development
Community / Development
  • Community Features: Dog Park, Hiking, Stable(s), Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
  • Laundry Equipment Own Lease: Lease
Exterior Features
  • Entry Location: door
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Lot 6500-9999
  • Number Of Units: 6
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: Yes
  • Parking Garage: Carport, Driveway
  • Parking Garage Spaces: 0
  • Carport Spaces: 3
  • Parking Features: Carport, Driveway
Unit Information
Unit 1
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,239
  • Unit Type Total Rent: $6,197
  • Unit Type Pro Forma: 1850
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,258
  • Unit Type Total Rent: $2,258
  • Unit Type Pro Forma: 2600
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1

Property History for 508 Chestnut Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 508 Chestnut Avenue

Taxable ValueLand$462,070Additions$398,684Total$860,754
Tax Record2023$11,304 ($942 / month)
Home Facts
Total Finished SqFt3,615 SqFtAbove Grade Finished SqFt3,615 SqFtLot Size7,500 SqFtStyleMulti-Family Res (5+ Units)Year Built1961ZoningLARD1.5CountyLOS ANGELESAPN5493-033-011

Schools near 508 Chestnut Avenue

This home is within Los Angeles Unified School District.
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.

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508 Chestnut Avenue is a multi-family home for sale in Los Angeles, CA 90042. This property was listed for sale on April 16, 2024 by Growth Investment Group Pasade, it's currently listed at $1,450,000. It has been on the market for a total of 16 days and was last sold on October 22, 2014. This listing's school district is Los Angeles Unified School District. Nearby schools include San Pascual Elementary Science Technology Engineering Arts And Mathematics (STEAM) Magnet, Benjamin Franklin Senior High School and Luther Burbank Middle School. 508 Chestnut Avenue is a 3-bed, 6-bath, 3,615 sqft multi-family home built in 1961.

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 Growth Investment Group Pasade, Justin McCardle, DRE #01895720

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.