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Multifamily

1825 Chestnut Ave

1825 Chestnut Ave, Long Beach, CA 90806

Listing Price: $3,300,000

Cap Rate
4.30%
Number of Units
12
Occupancy
97.0%
Price/Unit
$275,000
Price/Gross SF
$386.60
Gross SF
8,536

Investment Overview

Marcus and Millichap is pleased to present a 12-unit apartment building located in South Wrigley neighborhood of Long Beach. Built in 1959, the subject property consist of 8,536 rentable square feet spread throughout a 7,499 square foot lot. The unit mix consists of eight 1- bedroom/ 1- bathroom units and four 2 -bedroom/ 1 -bathroom units. There are eight garages used to generate additional income for owner. Recent renovations include new windows, paint, and hardwood floors. With all section 8 tenants occupying the building, over 70% of the income is government guarantee. Owners enjoy the high demand rental location for blue collar workers, resulting in consistent low vacancy rates and increasing rents. Tenants enjoy living close to Pacific Coast Hwy, public transportation, major freeways, and schools. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The $495 million Long Beach Courthouse was completed and opened in September 2013. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset with high demand rental market in a great neighborhood of Long Beach.

Investment Highlights

  • Great Unit Mix of Spacious One Bedroom and Two Bedroom Units
  • New Hardwood Flooring, Windows, & Paint
  • Over 70% Government Guarantee Income
  • Eight On-Site Garages for Additional Income
  • Approx. 22.97% Upside on Rental Income
  • Pro Forma Cap Rate of 5.77%; Pro Forma GRM 12.52
  • Immediate Upside by Bringing Section 8 Tenants to Maximum Allowable Rents determined by Long Beach Housing Department

Exclusively Listed By

Financing By

Listing Price: $3,300,000

Cap Rate
4.30%
Number of Units
12
Occupancy
97.0%
Price/Unit
$275,000
Price/Gross SF
$386.60
Gross SF
8,536

Investment Highlights

  • Great Unit Mix of Spacious One Bedroom and Two Bedroom Units
  • New Hardwood Flooring, Windows, & Paint
  • Over 70% Government Guarantee Income
  • Eight On-Site Garages for Additional Income
  • Approx. 22.97% Upside on Rental Income
  • Pro Forma Cap Rate of 5.77%; Pro Forma GRM 12.52
  • Immediate Upside by Bringing Section 8 Tenants to Maximum Allowable Rents determined by Long Beach Housing Department

Investment Overview

Marcus and Millichap is pleased to present a 12-unit apartment building located in South Wrigley neighborhood of Long Beach. Built in 1959, the subject property consist of 8,536 rentable square feet spread throughout a 7,499 square foot lot. The unit mix consists of eight 1- bedroom/ 1- bathroom units and four 2 -bedroom/ 1 -bathroom units. There are eight garages used to generate additional income for owner. Recent renovations include new windows, paint, and hardwood floors. With all section 8 tenants occupying the building, over 70% of the income is government guarantee. Owners enjoy the high demand rental location for blue collar workers, resulting in consistent low vacancy rates and increasing rents. Tenants enjoy living close to Pacific Coast Hwy, public transportation, major freeways, and schools. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The $495 million Long Beach Courthouse was completed and opened in September 2013. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset with high demand rental market in a great neighborhood of Long Beach.

Exclusively Listed By

Financing By

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