2024 Chestnut AveLong Beach, CA 90806

This exceptional 5-unit apartment building presents a compelling investment opportunity in Long Beach's desirable South Wrigley neighborhood. Boasting a total of 3,692 square feet across two 2-story buildings on a 6,399 square foot lot, the property features a mix of unit sizes: three 3-bedroom units, one large 2-bedroom unit, and one 1-bedroom unit. The asking price is $1,399,000, translating to $279,800 per unit and $379 per square foot. The property enjoys a current NOI of $75,817, representing a 5.4% cap rate, with a pro-forma NOI of $85,321 projecting a 6.1% cap rate. Built in 1928, the property benefits from recent upgrades, including fresh exterior paint and a complete electrical system upgrade completed in September 2024. A detached garage provides four parking spaces. Its convenient location is less than a mile from the 710 freeway and less than two miles from the 405 freeway and the beach, making it highly attractive to renters. The property is zoned LBR2N and the land value is $219 per square foot. This well-maintained property offers significant upside potential and strong cash flow, making it an ideal addition to any investment portfolio. The APN is 7209-025-009.