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2175 Chestnut Ave 14 Unit Apartment Building $2,600,000 ($185,714/Unit) 5.78% 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 | $2,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $185,714 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 5.78% | Building Size | 8,154 SF |
| Gross Rent Multiplier | 11.53 | 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 | ||
| Price | $2,600,000 |
| Price Per Unit | $185,714 |
| Sale Type | Investment |
| Cap Rate | 5.78% |
| Gross Rent Multiplier | 11.53 |
| 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 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 14 | $1,338 | 600 |
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Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 7205-026-015 | Improvements Assessment | $557,556 |
| Land Assessment | $940,886 | Total Assessment | $1,498,442 |
PROPERTY TAXES
Parcel Number
7205-026-015
Land Assessment
$940,886
Improvements Assessment
$557,556
Total Assessment
$1,498,442
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2175 Chestnut Ave
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