BRC Advisors, as the exclusive listing agent is pleased is present an opportunity to acquire a non rent controlled asset in Long Beach, CA. The subject property is located at 1731 Chestnut Ave in Long Beach, CA. The property is comprised of twelve (12) studio units along with 4 garages in the alley. Each unit is approximately 325 square feet with a kitchen, bathroom and living area. The rental income is lower than market rate and all of the tenants are on month to month leases. Current rents are 30% below market at $850. Apartment #4 @ $300 is the current manager that takes care the management (see Rent Roll). All of the tenants are cash pay, there are no section 8 tenants in this property currently. The property is master metered for electric, gas, water. The current owner pays for all the bills including sewer and trash. New owner can incorporate this added expense into the monthly rent or upgrade to individual meters. The owners just replaced the electrical box to solar which will drop the cost of the electricity by over half. This property has been well maintained by the owner. The roof is in good condition (was replaced about 15 years ago, the plumbing is all copper, new solar
Located North of 17th Street south of PCH on Chestnut Ave
