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2175 Chestnut Ave 14 Unit Apartment Building $3,547,024 CAD ($253,359 CAD/Unit) 6.11% Cap Rate Long Beach, CA 90806
Investment Highlights
- Fourteen Large Studio Units Averaging ±585 Square Feet
- Five Single Car Garages For Additional Income or ADU Potential (Buyer to Verify)
- Close to California State University Long Beach (CSULB), Hospitals, Long Beach Airport, and Downtown Long Beach and Convention Center
- Value-Add Opportunity
- A Quiet Neighborhood of South Wrigley Surrounded by 1260 Single Family Residences Within a Half-Mile Radius
- Nearby and Easy Access to Interstate Freeways and Mass Transportation
Executive Summary
Marcus & Millichap, as the exclusive listing agent, is pleased to present 2175 Chestnut Avenue, located in Long Beach, California. This 2-story, 14-unit multifamily
building was originally built in 1929 and represents an excellent value-add opportunity in the desirable South Wrigley neighborhood of Long Beach. The total building
area is approximately 8,154 square feet, situated on a 6,470 square-foot parcel. The unit mix consists of fourteen (14) large studio units averaging 585 square feet each.
The property features new electric sub-panels and is separately metered for gas and electricity, helping to keep operating expenses low. There are also four parking
spaces in the rear, which can generate additional income.
building was originally built in 1929 and represents an excellent value-add opportunity in the desirable South Wrigley neighborhood of Long Beach. The total building
area is approximately 8,154 square feet, situated on a 6,470 square-foot parcel. The unit mix consists of fourteen (14) large studio units averaging 585 square feet each.
The property features new electric sub-panels and is separately metered for gas and electricity, helping to keep operating expenses low. There are also four parking
spaces in the rear, which can generate additional income.
Property Facts
| Price | $3,547,024 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $253,359 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.11% | Building Size | 8,154 SF |
| Gross Rent Multiplier | 10.98 | No. Stories | 2 |
| No. Units | 14 | Year Built | 1929 |
| Property Type | Multifamily | Parking Ratio | 0.61/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R2N, Long Beach - Multiple Dwelling | ||
| Price | $3,547,024 CAD |
| Price Per Unit | $253,359 CAD |
| Sale Type | Investment |
| Cap Rate | 6.11% |
| Gross Rent Multiplier | 10.98 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 8,154 SF |
| No. Stories | 2 |
| Year Built | 1929 |
| Parking Ratio | 0.61/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R2N, Long Beach - Multiple Dwelling |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | $1,859 CAD | 600 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7205-026-015 | Improvements Assessment | $768,033 CAD |
| Land Assessment | $1,296,071 CAD | Total Assessment | $2,064,104 CAD |
Property Taxes
Parcel Number
7205-026-015
Land Assessment
$1,296,071 CAD
Improvements Assessment
$768,033 CAD
Total Assessment
$2,064,104 CAD
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2175 Chestnut Ave
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