1036 Chestnut Ave
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1036 Chestnut Ave
7 Unit Block of Flats £1,137,394 (£162,485/Unit) 5.70% Net Initial Yield Long Beach, CA 90813
Executive Summary
Marcus and Millichap is pleased to present a 7 unit apartment building located at 1036 Chestnut Avenue in Long Beach, California. This is a value-add opportunity in a great location of Willmore in Long Beach. The subject property is close to St Mary Medical Center, 4th Street Retro Row, Downtown Long Beach and 2nd Street in Belmont Shore where there are restaurants, shops, bars, grocery stores and entertainment venues. The subject property consists 3,770 rentable square feet spread throughout a 7,478 square foot lot. Units 1-6 was built in 1960 and unit A was built in 1949. All units are one bedroom / one bathroom units. The subject property is also separately metered for gas and electricity which helps keep expenses to a minimum. There are a total of 7 parking spaces in the rear which are able to generate income as well. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living close to the ocean breeze and walking distance to shops,
restaurants, cafes, entertainment centers and grocery stores.
restaurants, cafes, entertainment centers and grocery stores.
Property Facts
| Price | £1,137,394 | Apartment Style | Low Rise |
| Price Per Unit | £162,485 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Net Initial Yield | 5.70% | Building Size | 3,770 SF |
| Gross Rent Multiplier | 11.04 | Number of Floors | 2 |
| No. Units | 7 | Year Built/Renovated | 1949/1960 |
| Property Type | Residential | Parking Ratio | 1.66/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | £1,137,394 |
| Price Per Unit | £162,485 |
| Sale Type | Investment |
| Net Initial Yield | 5.70% |
| Gross Rent Multiplier | 11.04 |
| No. Units | 7 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 3,770 SF |
| Number of Floors | 2 |
| Year Built/Renovated | 1949/1960 |
| Parking Ratio | 1.66/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Heating
- Oven
- Tub/Shower
- Pantry
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 7 | £1,408 | - |
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Walk Score ®
Very Walkable (89)
Transit Score ®
Excellent Transit (70)
Bike Score ®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 7272-006-030 | Improvements Assessment | £384,828 |
| Land Assessment | £419,130 | Total Assessment | £803,958 |
PROPERTY TAXES
Parcel Number
7272-006-030
Land Assessment
£419,130
Improvements Assessment
£384,828
Total Assessment
£803,958
zoning
| Zoning Code | LBPD10 |
| LBPD10 |
-
Kevin King -
King Group of Marcus & Millichap
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1036 Chestnut Ave
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