1070 Chestnut Avenue

Description

We are 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. This two-story, secured and gated property offers a strong unit mix, comprised of (12) one-bedroom, one-bathroom condominium units each with individual parcel numbers allowing for flexibility to sell units separately. 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.

Listing information courtesy of: Kamfar Kyle Mirrafati, Matthews Real Estate Investment Services 949-200-7494. *Based on information from the Association of REALTORS/Multiple Listing as of 02/06/2025 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.