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1070 Chestnut Ave 12 Unit Apartment Building $3,829,560 CAD ($319,130 CAD/Unit) 5.90% Cap Rate Long Beach, CA 90813
Investment Highlights
- New roof, sewer line, windows, upgraded electrical
- Individually metered for gas & electricity; separate water heaters for each unit
- ADU Potential & Condominium Optionality
- Recently installed water heater and upgraded wall-mounted furnaces (not all units)
- Stable income profile - majority participate in HACLA and HACLB
Executive Summary
1070 Chestnut Avenue is a 12-unit multifamily asset located in the Long Beach, California within the Willmore Historic District submarket. The property consists entirely of 1 bedroom / 1 bath units, offering a functional and consistent unit mix with a combination of original character and select interior upgrades.
CAPITAL IMPROVEMENTS & BUILDING SYSTEMS
The property has benefited from several recent capital improvements, reducing near-term maintenance exposure and enhancing operational stability. These include:
• New roof, windows, and upgraded electrical system
• Line-X sewer line replacement
• Recently installed individual water heaters
• Upgraded wall-mounted furnaces in select units
Each unit is individually metered for gas and electricity and features its own water heater, supporting efficient utility management and expense control.
STABLE INCOME PROFILE
The asset produces stable, reliable cash flow, with a majority of tenants participating in subsidized housing programs through Housing Authority of the City of Los Angeles and Housing Authority of the City of Long Beach. This structure provides consistent rental income and mitigates vacancy risk.
INCOME GROWTH & VALUE-ADD POTENTIAL
Additional income is generated through on-site laundry facilities. The property also offers multiple avenues for further revenue growth:
• Parking Income: Six (6) rear parking spaces present an immediate opportunity to implement parking fees with no additional capital investment
• ADU Potential: The rear parking area may support future ADU development, allowing for increased density and rental income
• Condo Conversion Optionality: Each unit has a separate APN, creating the potential for future individual condominium sales
LOCATION & ACCESSIBILITY
Situated in Willmore Historic District, the property benefits from convenient access to major transportation corridors, including the nearby 710 Freeway, providing connectivity to employment centers throughout Long Beach and greater Los Angeles.
CAPITAL IMPROVEMENTS & BUILDING SYSTEMS
The property has benefited from several recent capital improvements, reducing near-term maintenance exposure and enhancing operational stability. These include:
• New roof, windows, and upgraded electrical system
• Line-X sewer line replacement
• Recently installed individual water heaters
• Upgraded wall-mounted furnaces in select units
Each unit is individually metered for gas and electricity and features its own water heater, supporting efficient utility management and expense control.
STABLE INCOME PROFILE
The asset produces stable, reliable cash flow, with a majority of tenants participating in subsidized housing programs through Housing Authority of the City of Los Angeles and Housing Authority of the City of Long Beach. This structure provides consistent rental income and mitigates vacancy risk.
INCOME GROWTH & VALUE-ADD POTENTIAL
Additional income is generated through on-site laundry facilities. The property also offers multiple avenues for further revenue growth:
• Parking Income: Six (6) rear parking spaces present an immediate opportunity to implement parking fees with no additional capital investment
• ADU Potential: The rear parking area may support future ADU development, allowing for increased density and rental income
• Condo Conversion Optionality: Each unit has a separate APN, creating the potential for future individual condominium sales
LOCATION & ACCESSIBILITY
Situated in Willmore Historic District, the property benefits from convenient access to major transportation corridors, including the nearby 710 Freeway, providing connectivity to employment centers throughout Long Beach and greater Los Angeles.
Property Facts
| Price | $3,829,560 CAD | Building Class | C |
| Price Per Unit | $319,130 CAD | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 6,576 SF |
| Cap Rate | 5.90% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.84 | No. Stories | 2 |
| No. Units | 12 | Year Built | 1956 |
| Property Type | Multifamily | Parking Ratio | 0.91/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LBPD10 | ||
| Price | $3,829,560 CAD |
| Price Per Unit | $319,130 CAD |
| Sale Type | Investment |
| Cap Rate | 5.90% |
| Gross Rent Multiplier | 10.84 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 6,576 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 0.91/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LBPD10 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,940,441 CAD | |
| Land Assessment | $1,466,762 CAD | Total Assessment | $3,407,203 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$1,466,762 CAD
Improvements Assessment
$1,940,441 CAD
Total Assessment
$3,407,203 CAD
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1070 Chestnut Ave
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