709 East Chestnut Avenue
709 East Chestnut Avenue
Description
709 Chestnut redefines urban living with spacious studio apartment, each generously proportioned to function as complete one-bedroom units. Enhancing the living experience, every unit is equipped with its own washer and dryer, offering tenants the convenience of in-home laundry facilities. Recent extensive interior renovations elevate the property to new heights, featuring luxurious materials, contemporary kitchens, stainless steel appliances, vinyl/plank flooring, upgraded bathrooms, and a range of other enhancements. The exterior of the property has undergone a fresh transformation with new paint and state-of-the-art exterior lighting, adding to the overall appeal. A noteworthy aspect of the Chestnut Apartments is the Planning Department Approval secured by the current ownership for the addition of three Accessory Dwelling Units (ADUs). With building approval expected imminently, the new owner stands to benefit from the construction of three additional units, translating to a projected 28.5% increase in gross income.
- Listed by Rick Applebaum • DRE #01273871 • Brokerage DRE #01220368 • Morgan Skenderian • rma@morganskenderian.com
- Listed by Paul Espinosa • DRE #01942627 • Brokerage DRE #01220368 • Morgan Skenderian
Property Details for 709 East Chestnut Avenue
Location
Property Details for 709 East Chestnut Avenue
| Status | Active |
|---|---|
| MLS # | PW24022552 |
| Days on Market | 88 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1983 |
| County | Orange County |
Location
Building Information for 709 East Chestnut Avenue
Payment Calculator
$21,575 per month
30 year fixed, 7.25% Interest
$18,992
$2,583
$0
Property Information for 709 East Chestnut Avenue
- Gross Income: $7,200
- Gross Scheduled Income: $295,140
- Vacancy Allowance: 8854
- Gross Operating Income: $286,285
- Net Operating Income: $214,088
- Other Income Description: RUBS
- Other Income 1: $7,200
- Gross Multiplier: 11.79
- Cap Rate: 6.2
- Operating Expense: $72,197
- New Taxes Expense: $41,633
- Gardener Expense: $1,200
- Fuel Expense: $3,060
- Licenses Expense: $750
- Electric Expense: $3,060
- Insurance Expense: $4,922
- Maintenance Expense: $8,589
- Professional Management Expense: $0
- Other Expense: $2,863
- Other Expense Description: reserves
- Trash Expense: $3,060
- Water Sewer Expense: $3,060
- Total Expenses: $72,197
- Tax Rate: 1.1
- Tax Annual Amount: $38,558
- Tax Block: B
- Tax Tract Number: 124
- Tax Census Tract: 745.01
- CFD/Mello-Roos Fee: $3,075
- Tax Lot: 10
- Assessments YN: Yes
- Assessments: Special Assessments
- Community Features: Curbs, Gutters, Sidewalks
- Laundry: Yes
- Laundry Features: Dryer Included, Washer Included
- Fireplace Features: None
- Fireplace Rooms: None
- Entry Location: 1
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Lot 6500-9999
- Number Of Units: 12
- Land Lease: No
- Land Lease Type: Fee
- Levels: Two
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 0
- Parking: Yes
- Parking Garage: Controlled Entrance
- Uncovered Spaces: 12
- Open Other Spaces Total: 12
- Parking Garage Spaces: 0
- Carport Spaces: 0
- Parking Features: Controlled Entrance
- Unit Type Units Total: 12
- Unit Type Beds Total: 0
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,999
- Unit Type Total Rent: $23,995
- Unit Type Pro Forma: 2095
- Unit Type Type: 1
- Rent Controlled: Yes
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 13
- Number Of Separate Gas Meters: 12
- Number Of Separate Water Meters: 1
Property History for 709 East 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 709 East Chestnut Avenue
Schools near 709 East Chestnut Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | K to 5 |
Rating | School | Distance |
|---|---|---|
Theodore Roosevelt Elementary School PublicK to 5 | ||
Sierra Preparatory Academy Public6 to 8 | ||
Century High School Public9 to 12 | ||
Walker Elementary School PublicK to 5 |
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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Listing Courtesy of Morgan Skenderian, Rick Applebaum, DRE #01273871; Morgan Skenderian, Paul Espinosa, DRE #01942627
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.