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$ 2,800,000
Est. payment /mo
New
1070 Chestnut Long Beach, CA 90813
1 Bed
1 Bath
7,477 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Willmore District (Wm)
MLS Listing ID PW26099843
Bedrooms 1
Lot Size 7,477 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
1070 Chestnut Avenue is a 12-unit multifamily asset located in the Long Beach, California within the Willmore Historic District submarket. The property consists entirely of 1 bedroom / 1 bath units, offering a functional and consistent unit mix with a combination of original character and select interior upgrades. Condo Conversion Optionality: Each unit has a separate APN, creating the potential for future individual condominium sales. The property has benefited from several recent capital improvements, reducing near-term maintenance exposure and enhancing operational stability. These include: New roof, windows, and upgraded electrical system, Line-X sewer line replacement, Recently installed individual water heaters, and Upgraded wall-mounted furnaces in select units. Each unit is individually metered for gas and electricity and features its own water heater, supporting efficient utility management and expense control. The asset produces stable, reliable cash flow, with a majority of tenants participating in subsidized housing programs through Housing Authority of the City of Los Angeles and Housing Authority of the City of Long Beach. This structure provides consistent rental income and mitigates vacancy risk. Additional income is generated through on-site laundry facilities. The property also offers multiple avenues for further revenue growth: Parking Income: Six (6) rear parking spaces present an immediate opportunity to implement parking fees with no additional capital investment, ADU Potential: The rear parking area may support future ADU development, and allowing for
Location
State CA
County Los Angeles
Zoning Assessor
Direction Chestnut Ave
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7272006047
Acceptable Financing Cash, Exchange
Listing Terms Cash, Exchange
Listed by Robert Stepp, DRE#01456379 Keller Williams Realty Downey
NEARBY SCHOOL & BUSINESS