1600 Chestnut Avenue, Long Beach, CA 90813
Property
Sold March 2024
Listing Agent: Tyler Leeson (DRE #01451551) · Listing Office: Marcus & Millichap RE Invest · Contact: 714-713-9086 · Bought with: Tyler Leeson · Marcus & Millichap RE Invest · MLS #OC24033371 · Source: CRMLS
About this property
1600 Chestnut Avenue is an 11-unit multifamily investment opportunity located in Long Beach, CA. Situated on a 0.17-acre parcel, 1600 Chestnut Avenue features a mix of 9, one-bedroom units and 2, two-bedroom units above 4 garage spaces in the rear of the property. The property offers an attractive range of amenities including an on-site laundry facility, gated pedestrian access, and three garage spaces in the rear of the property. These garage spaces offer ownership the opportunity for significant additional income. The property represents a unique value-add opportunity with ample upside. With current rents well below market rates, new ownership could complete a comprehensive renovation of the units, allowing them to achieve significant rental premiums compared to non-renovated units. 1600 Chestnut Avenue benefits from its excellent location, just North of Downtown Long Beach, providing residents with convenient access to an abundance of retail, dining, and entertainment options, as well as employers. 1600 Chestnut Avenue is available in conjunction with the adjacent 2-unit property located at 1584 Chestnut Avenue.
Listing description from the March 2024 sale, as reported to CRMLS.
Sale history