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1825 Chestnut Avenue, Long Beach

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Address: 1825 Chestnut Ave, Long Beach, CA 90806, USA

California & West + Apartment Buildings

Created date: October 1, 2024

Date last updated: October 14, 2024

Property Description

CBRE Inc., as the exclusive advisor, is pleased to present 1825 Chestnut Ave, a 12-unit multifamily in Long Beach, CA. The property is located just off the corner of Chestnut Ave and Pacific Coast Hwy, just 2-miles away from the Port of Long Beach and Long Beach’s Shoreline Village. The property consists of eight, 1-Bedroom/1-Bathroom and four, 2-Bedroom/1-Bathroom units. The building offers over 8,500 SF of rentable living space with on-site parking via uncovered spaces and several garages. Currently the property is producing +/-$22,074 in monthly rental income boasting a 5.29% CAP Rate and 12.46 GRM on existing income. A savvy investor will recognize the opportunity to capitalize on potential income via the 15% loss-to-lease and additional income via on-site parking – 6 of the 8 garages are currently vacant. The property benefits from it’s location by being within close proximity to several frequently travelled destinations like the Port of Long Beach, Shoreline Village, Long Beach Poly High School, Long Beach Medical Center, Costco, Home Depot, Northgate Market, and more.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$3,200,000
No. of Units:	12
Cap Rate:	5.49%
GRM /GIM:	12.08
Year Built:	1958
Building Size:	8,536 Sq ft
Lot Size:	7,500.00 Sq ft
No. of Stories:	2
APN:	7209-028-020
Opportunity Zone:	No
Price per unit:	$266,667
Parking Spaces:	8

Address: 1825 Chestnut Ave, Long Beach, CA 90806, USA

Unit mix

Description	No. of Units	Sq ft.	Avg. Monthly Rent
1B/1B	8	692	1612
2B/1B	4	750	2295

FINANCIAL DETAILS

Income/expense info:	Actual
Financial year:	2024
Gross income:	264888
Effective Gross income:	267288
Operating expenses:	83594
Net operating income:	175675
Pre-tax cashflow:	59605