Beaumont, CA 92223,747 Chestnut AVE
Beaumont, CA 92223,747 Chestnut AVE
Beaumont, CA 92223,747 Chestnut AVE
11
$4,700,000
$5,040,000
6.7%
Est.Price: ?

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1.28 Acres Lot

747 Chestnut AVE Beaumont, CA 92223

Est. payment /mo
SOLD DATE : 03/23/2023

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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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CRMLS – RECore
Listed by JIM TOWERS TOWERS & ASSOCIATES 909-223-9328
Bought with Joseph Chavez Parker Integrity
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agent

Sandy Dabbs

Agent | License ID: 02120617

+1(714) 287-9983

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