1070 Chestnut,Long Beach, CA 90813
Long Beach, CA 90813
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 increased density and rental income. Situated in Willmore Historic District, the property benefits from convenient access to major transportation corridors, including the nearby 710 Freeway, providing connectivity to employment centers throughout Long Beach and greater Los Angeles.
Details
| MLS # | PW26099843 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1956 |
| Days On Site | 118 |
| Listing Provided By | Keller Williams Realty Downey | Robert Stepp |
Features
| SQ Feet | 6,480 |
|---|---|
| Story(s) | 2 |
| Units | 12 |
| Building(s) | 1 |
| Acreage | 0.17 |
Parking
| Garage Yes / No | No |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Community Name | Willmore District (WM) |
| Listing VS Median (in Willmore District (WM)) | |
Price: $2,800,000 low | high Med: $2,540,000 sqft: 6,480 low | high Med: 8,348 $ / sqft: $432 low | high Med: $304 On site: 118 low | high Med: 15 | |
Market Activity 90813
Request a showing
Request a showing
Contact
Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Community Name | Willmore District (WM) |
| Listing VS Median (in Willmore District (WM)) | |
Price: $2,800,000 low | high Med: $2,540,000 sqft: 6,480 low | high Med: 8,348 $ / sqft: $432 low | high Med: $304 On site: 118 low | high Med: 15 | |
 | $3,995,0001047 1059 Pacific AvenueLong Beach, CA 90813 |
 | $2,015,0001208 Daisy AvenueLong Beach, CA 90813 |
 | $1,850,000833 CedarLong Beach, CA 90813 |
 | $1,850,000833 CedarLong Beach, CA 90813 |