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1070 Chestnut Ave
Off-Market Call for Pricing
Call for Pricing
- 12 Units
- 6,571 Sq Ft
- 7,477 Sq Ft
- Unknown Cap Rate
Description
We are pleased to offer 1070 Chestnut Avenue, a 12-unit condo tract map building located in the heart of the Willmore neighborhood, just north of Downtown Long Beach. This two-story, secured and gated property offers a strong unit mix, comprised of (12) one-bedroom, one-bathroom condominium units each with individual parcel numbers allowing for flexibility to sell units separately. Built in 1956, the property boasts 6,571 rentable square feet on a 7,477 square-foot lot including six (6) parking spaces in the back with tandem parking potential and on-site laundry facility, ensuring tenant convenience. Recent upgrades include a brand-new pitched roof, new sewer lining with Line-X, and new windows, enhancing the property's appeal and efficiency. Each unit is equipped with its own water heater and is separately metered for gas and electricity, reducing operational costs. The tenant profile at 1070 Chestnut Avenue further strengthens the property's stability, with a majority participating in subsidized programs (HACLA or HACLB), ensuring smooth and reliable rent collection. Low operating expenses combined with pride of ownership make this a well-maintained and efficient asset. Whether you choose to hold it as a stabilized investment or sell the condominiums individually, this asset presents a unique opportunity to acquire a well position property in one of Long Beach most densely populated areas with significant long-term growth.
Owner
Do you own or manage this property?
This is My PropertyAmenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,200,000 |
| Property Type | Multi-Family |
| Usable Sqft | 6,571 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1956 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7272006036 |
| MLS # | 25494519 |
| Property ID | 318732506 |
| Lot Sqft | 7,477 |
| Zoning | LBPD10 |
| Total Units | 12 |
| Date Updated | February 13, 2025 |
| Date Created | February 05, 2025 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $1,780 | $1,900 |
| Gross Income (Yr) | $ 249,409 |
| Operating Expenses | $ 76,450 |
| Net Income (Yr) | $ 172,958 |
| Cap Rate | 5.40% |
Listing Provided By
Kamfar Kyle Mirrafati an agent of . Lic #01911204
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Robert Crawford
REAL ESTATE AGENT