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726 Chestnut Ave, a 14-unit apartment complex in Long Beach, California. The property is centrally located with proximity to the newly developed metropolitan of downtown Long Beach and boast a walk score of 94 (Walker’s Paradise) providing residents easy access to everyday needs and a plethora of updated retail, high employment opportunities, metro line transportation, and entertainment options. Built in 1914, the subject property is comprised of fourteen (14) one-bed/one-bath units situated on a 7,492 sqft lot. All Units have been renovated prior to the current tenant occupancy with most including refinished cabinets, engineered wood flooring, new vanities, and counter tops. The property stands as 4 separate buildings including private balconies for the upstairs units and private back decks for the downstairs units. Gas and electricity are separately metered, and all units have individual water heaters keeping landlord expenses to a minimum. 726 Chestnut Avenue’s location and cashflow provides investors an opportunity to acquire an asset providing one of the highest yields of any offering in Long Beach while continuing to realize the growth of the hottest market of Southern California. As a bonus, the assumable loan with a 3.49% interest rate makes this property an outlier in which the new owner will have positive leverage!
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Listing Agent: Christopher Van Vuuren
Listing Office: Lyon Stahl Investment Real Estate, Inc.