1584 Chestnut Ave

• Offers a Unique Mix of Two & Three-Bedroom Units
• Gated Pedestrian Access & a Spacious Communal Yard
• Each Unit Comes Equipped with Washers & Dryers
• Four Garage Spaces in the Rear & One Double Garage in the Front
• Within Walking Distance of Downtown Long Beach, the City’s Cultural & Financial Hub
• Close Proximity to St. Mary Medical Center, the 8th Top Employer in Long Beach with Over 1,500 Employees
• Just Over 1.50 Miles from the Abundance of Retail, Dining, & Entertainment Options at the Pike Outlets
• Within 2 Miles of Alamitos Beach, the Long Beach Convention Center, & the Shoreline Marina
• Situated Near Interstate 710 & the Pacific Coast Highway Station, Providing Residents with Convenient Access Throughout Los Angeles County

Property Description

The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present 1584 Chestnut Avenue, a 2-unit multifamily investment opportunity located in Long Beach, CA. Situated on a 0.17-acre parcel, 1584 Chestnut Avenue offers a spacious three-bedroom home with a two-car garage in the front and a two-bedroom apartment above 4 garage spaces in the rear of the property. These garage spaces offer ownership the opportunity for significant additional income through the rental of the extra garage spaces. The property represents a unique value-add opportunity with ample upside. Long Beach’s continued strong rental metrics, including a 2022 vacancy rate of just 4 percent and year-over-year rent growth of 8.5 percent, provide a new owner with the opportunity to take advantage of the substantial demand for rental units in the area. With current rents below market rates, new ownership could complete a comprehensive renovation of the units, allowing them to achieve significant rental premiums compared to non-renovated units. 1584 Chestnut Avenue benefits from its excellent location, just North of Downtown Long Beach, providing residents with convenient access to an abundance of retail, dining, and entertainment options, as well as employers. Additionally, the property’s close proximity to Interstate 710 provides convenient access to the Port of Long Beach and the Port of Los Angeles, two of the busiest ports in the world and a major employment hub for the region. In summary, 1584 Chestnut Avenue’s fantastic location offers residents a wide variety of activities, employment, transportation, and retail amenities, all of which will attract a diverse renter pool. 1584 Chestnut Avenue is available in conjunction with the adjacent 11-unit property located at 1600 Chestnut Avenue.