Investment Overview

Marcus & Millichap is pleased to present a fantastic value-add apartment building opportunity in Long Beach. The building is located just north of Pacific Coast Highway at 1853 Chestnut Ave., in the historic Wrigley neighborhood. The location offers residents quick access to all parts of Los Angeles County and North Orange County via its close proximity to the 710 and 405 Freeways. The Port of LA/Long Beach is just minutes away and Downtown Long Beach with all its entertainment, employment, dining, and shops are also just minutes away. The building was built in 1962 and features 24 units surrounding an attractive landscaped courtyard. The building features 20 - 1 Bedroom/1Bath units and 4 - 2 Bedroom/ 2 Bath units. All the units are separately metered for Gas & Electricity. Current ownership has owned the building for in excess of 20 years and has kept the rent below market. The current average rents in this building are low with the average rent for a 1 bedroom in this property at $1,477 while market rents are at or exceeding $1,700 on a new rent. The 2-bedroom units are rented at an average of $1,706 with a market rent at or exceeding $2,350 for comparable 2 Bedroom/2 Bath units. The property also features 15 enclosed single car garages, also currently rented well below market at only $35/month when market rents on comparable garage spaces are as much as $200/month. The building is equipped with a security entrance and an onsite laundry facility.