Property Overview
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.
Capital Improvements & Building Systems.
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
• 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.
Stable Income Profile
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.
Income Growth & Value-Add Potential
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, allowing for increased density and rental income
• Condo Conversion Optionality: Each unit has a separate APN, creating the potential for future individual condominium sales
Location & Accessibility
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.
