Multifamily Property for Sale in Long Beach, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Long Beach, CA 90806

Description

Marcus & Millichap, as the exclusive listing agent, is pleased to present 2175 Chestnut Avenue, located in Long Beach, California. This 2-story, 14-unit multifamily building was originally built in 1929 and represents an excellent value-add opportunity in the desirable South Wrigley neighborhood of Long Beach. The total building area is approximately 8,154 square feet, situated on a 6,470 square-foot parcel. The unit mix consists of fourteen (14) large studio units averaging ±585 square feet each. The property features new electric sub-panels and is separately metered for electricity, helping to keep operating expenses low. There are also five parking spaces in the rear, which can generate additional income. 2175 Chestnut Avenue offers a prime rental location within walking distance to St. Mary Medical Center, popular restaurants, shopping centers, and entertainment options in Downtown Long Beach, Pine Avenue, and Shoreline Village. The property is also a short drive from California State University, Long Beach, as well as the dining, retail, and entertainment offerings along Second Street. This location benefits from high tenant demand and strong market fundamentals. Tenants enjoy the ocean breeze, easy access to the 405 and 710 freeways, and proximity to shops, restaurants, cafes, entertainment venues, and grocery stores, while owners benefit from the stability of a sought-after coastal market. The City of Long Beach continues to see substantial redevelopment, with over $2B invested in real estate transactions and new projects since 2013. The city currently has 3,997 residential units in the development pipeline. Notable nearby projects include: The Shoreline Gateway at 777 E. Ocean Boulevard, which is a 35-story high 315 residential unit property with 6,700 sq. ft. of restaurant and retail space, the Ocean View Tower at 200 West Ocean Boulevard, which has 142 units with 4,100 sq. ft. of commercial space, and Volta on Pine at 635 Pine Avenue, which has 271 units w

Market Context

This multifamily in Long Beach, CA is listed for sale. It is offered at an approximate 6.1% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 52 days. Compare it against other multifamily listings for sale in Long Beach, CA — <a href="/search/sale/multifamily/california/long-beach">view the full market</a>.

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