Condo Tract Map Building | 12 Individual APNs 1070 Chestnut Ave
12 Unit Apartment Building $3,200,000 ($266,667/Unit) 5.40% Cap Rate Long Beach, CA 90813



INVESTMENT HIGHLIGHTS
- 12-Unit Condo Tract Map Building, Built in 1956 Located Near Downtown Long Beach, CA
- Brand New Pitched Roof, New Sewer Lining with Line-X, and New Windows
- 6 Parking Space in the Back | Potential to Park in Tandem for Additional Parking
- All Units Have Individual Parcels Numbers | Opportunity to Sell Each Condo Separately | Average 1 Bedroom Condos Selling for $547 per SF
- Majority Tenants are on Subsidized Programs (HACLA or HACLB) | Ensuring Smooth Rental Collection
- Each Unit with Individual Water Heaters | Individually Metered for Gas & Electric
EXECUTIVE SUMMARY
Matthews Real Estate Investment Services, as the exclusive listing agent, is pleased to offer 1070 Chestnut Avenue, a 12-unit condo tract map building located in the heart of the Willmore neighborhood, just north of Downtown Long Beach. With its central location on Chestnut Avenue between 10th and Anaheim Street, situated less than a mile from Ocean Boulevard, offering convenient access to shopping, dining, grocery stores, and entertainment options. This property is perfectly positioned for both residents and investors seeking a well-maintained asset in a highly walkable area.
This two-story, secured and gated property offers a strong unit mix, comprised of (12) one-bedroom, one-bathroom condominium units, each averaging 547 square feet, and all with individual parcel numbers. This unique setup allows for flexibility to sell units separately, with comparable 1-bedroom condos in the area selling for $547 per square foot. Built in 1956, the property boasts 6,571 rentable square feet on a 7,477 square-foot lot including six (6) parking spaces in the back with tandem parking potential and on-site laundry facility, ensuring tenant convenience. Recent upgrades include a brand-new pitched roof, new sewer lining with Line-X, and new windows, enhancing the property’s appeal and efficiency. Each unit is equipped with its own water heater and is separately metered for gas and electricity, reducing operational costs.
The tenant profile at 1070 Chestnut Avenue further strengthens the property’s stability, with a majority participating in subsidized programs (HACLA or HACLB), ensuring smooth and reliable rent collection. Low operating expenses combined with pride of ownership make this a well-maintained and efficient asset. Whether you choose to hold it as a stabilized investment or sell the condominiums individually, this asset presents a unique opportunity to acquire a well position property in one of Long Beach most densely populated areas with significant long-term growth.
Broker of Record:
David Harrington
License No. 02168060 (CA)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
2321 Rosecrans Ave.,
Suite 1225, El Segundo, CA 90245
This two-story, secured and gated property offers a strong unit mix, comprised of (12) one-bedroom, one-bathroom condominium units, each averaging 547 square feet, and all with individual parcel numbers. This unique setup allows for flexibility to sell units separately, with comparable 1-bedroom condos in the area selling for $547 per square foot. Built in 1956, the property boasts 6,571 rentable square feet on a 7,477 square-foot lot including six (6) parking spaces in the back with tandem parking potential and on-site laundry facility, ensuring tenant convenience. Recent upgrades include a brand-new pitched roof, new sewer lining with Line-X, and new windows, enhancing the property’s appeal and efficiency. Each unit is equipped with its own water heater and is separately metered for gas and electricity, reducing operational costs.
The tenant profile at 1070 Chestnut Avenue further strengthens the property’s stability, with a majority participating in subsidized programs (HACLA or HACLB), ensuring smooth and reliable rent collection. Low operating expenses combined with pride of ownership make this a well-maintained and efficient asset. Whether you choose to hold it as a stabilized investment or sell the condominiums individually, this asset presents a unique opportunity to acquire a well position property in one of Long Beach most densely populated areas with significant long-term growth.
Broker of Record:
David Harrington
License No. 02168060 (CA)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
2321 Rosecrans Ave.,
Suite 1225, El Segundo, CA 90245
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
---|---|---|
Gross Rental Income |
$99,999
![]() |
$9.99
![]() |
Other Income |
$99,999
![]() |
$9.99
![]() |
Vacancy Loss |
$99,999
![]() |
$9.99
![]() |
Effective Gross Income |
$99,999
![]() |
$9.99
![]() |
Taxes |
-
![]() |
-
![]() |
Operating Expenses |
-
![]() |
-
![]() |
Total Expenses |
$99,999
![]() |
$9.99
![]() |
Net Operating Income |
$99,999
![]() |
$9.99
![]() |
PROPERTY FACTS
Price | $3,200,000 |
Price Per Unit | $266,667 |
Sale Type | Investment |
Cap Rate | 5.40% |
Gross Rent Multiplier | 12.45 |
No. Units | 12 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.17 AC |
Building Size | 6,576 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built | 1956 |
Parking Ratio | 0.91/1,000 SF |
Opportunity Zone |
Yes |
SITE AMENITIES
- Courtyard
- Fenced Lot
- Laundry Facilities
- Gated
UNIT MIX INFORMATION
DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
---|---|---|---|
1+1 | 12 | - | 548 |
1 of 1
Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (84)
ZONING
Zoning Code | LBPD10 |