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747 Chestnut AVE Beaumont, CA 92223
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Key Details
Sold Price $4,700,000
Property Type Apartment
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision ,Other
MLS Listing ID EV23026577
Sold Date 03/23/23
HOA Y/N No
Year Built 1989
Lot Size 1.280 Acres
Property Sub-Type Apartment
Property Description
Well maintained, 28-unit apartment complex. The property, known as The Royal Oak Apartments, was constructed in ±1989 and features a garden apartment setting with multiple buildings positioned around a landscaped courtyard. The site includes two contiguous parcels that have been operated as a single economic entity since their construction. The building structures are two-story, walk-up construction that have been well maintained by the original owner / developer. Each individual apartment unit features ±854 SF of living area, with two bedrooms, one bath, and full kitchen with built-in appliances. Approximately 64% of the units have been completely renovated / updated with the balance of the units having been partially updated over the years. Amenities include a gated in-ground pool and spa, shared recreation room with full kitchen, and laundry room with four coin-operated washers and four dryers. The property has a history of near-100% occupancy and is currently operating at 93% (two vacant units). Both vacant units are undergoing complete renovations that will be completed by the close of escrow. The property has significant upside potential to substantially increase net income. Contract rents are currently below market and can be raised upon tenant turnover. Additionally, the existing recreation room has the potential for conversion to an accessory dwelling unit (ADU) with an existing kitchen and bath already in place. Located within the heart of the rapidly growing “San Gorgonio Pass”, the city of Beaumont is ranked as the #5th fastest growing city in California. Due to its infill location, the property is convenient to a variety of newer retail development, local area schools, and other neighborhood conveniences.
Location
State CA
County Riverside
Area 263 - Banning/Beaumont/Cherry Valley
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Washer
Laundry Washer Hookup, Laundry Room, See Remarks
Exterior
Parking Features Garage
Garage Spaces 36.0
Garage Description 36.0
Pool Community, Fenced, In Ground
Community Features Curbs, Suburban, Sidewalks, Pool
Total Parking Spaces 42
Private Pool No
Building
Lot Description 21-25 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 418042017
Acceptable Financing Cash to New Loan, Conventional
Listing Terms Cash to New Loan, Conventional
Financing Cash
Special Listing Condition Standard
Lease Land No
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Bought with Joseph Chavez Parker Integrity